Seventh Acquisition in the Growing eLearning Market TORONTO, May 17, 2022 /PRNewswire/ - Pluribus Technologies Corp. (TSXV: PLRB) ("Pluribus" or the "Company"), a growing acquiror of small, profitable software companies, today announced that pursuant to a share purchase agreement dated May 16, 2022, the "Share Purchase Agreement") it has acquired (the "Acquisition") all of the issued and outstanding shares of Knowledge Strategies Inc. doing business as Tortal Training ("Tortal").
Based in Woburn, MA, Tortal has a 21-year operating track record as a provider of learning management systems ("LMSs"), employee training and eLearning program services. Tortal has a broad customer base but specializes in solutions for automotive (OEM, aftermarket and motorsport) and consumer products franchises, with a focus on organizations with distributed workforces.
"Businesses across North American are looking for advanced tools to support effective training of increasingly distributed workforces and Tortal's custom LMS, library of in-demand courses and diverse U.S. customer base are expected to be highly complementary to our rapidly growing eLearning solutions offering," said Richard Adair, CEO of Pluribus Technologies. "We see a range of customer cross-selling opportunities right across Pluribus' portfolio of 12 acquired companies that we will pursue while we also integrate Tortal under The Learning Network banner."
"This is a very exciting time for Tortal, as we embark on the next stage in our journey," said Evan Hackel CEO of Tortal. "We are very impressed with Pluribus and how they collaborate between the companies they acquire to make every company better. Being part of Pluribus will give us the tools that we need to take the company to the next level. This is a great opportunity for Tortal, our employees and our customers.
Acquisition Rationale
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Tortal has a long history as a profitable business with an established operational track record, including a number of partners offering Tortal programs on their platforms;
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Further strengthens Pluribus' presence in the eLearning market and as a provider of learning management systems suitable for a range of organization types;
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Tortal's LMS is focused on franchises and associations, which supports opportunities with existing Pluribus portfolio companies, Assured Software and SkilSure, who have similar business models
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For the first time, Pluribus acquires a full library of soft skills courses that can be cross-sold across the Pluribus portfolio of companies; and
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Tortal will rapidly integrate under Pluribus' newly established eLearning banner, The Learning Network.
Terms of the Acquisition
Pursuant to the terms of the Share Purchase Agreement, the Company has agreed to pay the current shareholders of Tortal an aggregate of approximately US$1.4 million in cash and issue 175,926 common shares of the Company for a total purchase price of approximately US$1.9 million. In addition, the current Tortal shareholders will be entitled to an earn-out based on the achievement of future performance targets by Tortal. The price paid for the acquisition falls within Pluribus' historical target range for Adjusted EBITDA1 and the acquisition is expected to be immediately accretive.
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| 1 Adjusted EBITDA is a non-IFRS measure as described in the Non-IFRS Measures section of this news release. |
Evan Hackel, the CEO of Tortal, has more than 20 years of progressive business leadership experience, most recently as a member of the executive team for one of the largest privately held cooperatives in the United States. He will remain involved in Tortal post-acquisition to ensure a smooth integration into the Pluribus portfolio of companies.
About Tortal
Tortal is a full-service eLearning provider specializing in developing interactive eLearning solutions. Tortal makes effective training for organizations with distributed workforces easier, by enhancing learning outcomes using strategic methodologies for engagement. This approach helps maximize an investment in learning and development, which in turn drives sustainable improvements in business performance and results. For more information, please visit: https://www.tortal.com/.