Maryland-based educational technology company, 2U has announced the finalization of an agreement to acquire Trilogy Education, a company that specializes in creating various online skills-based training programs.
The acquisition deal, which was finalized on Monday for $750 million in cash and stock, will increase 2U’s university portfolio from 36 to 68 partners and expand in-person and online boot camps, graduate-level degree programs, professional certificates, and short online courses.
“By joining forces with 2U, Trilogy Education can empower universities to reach more students, in more places, throughout more of their lives, while driving positive economic impact in their local regions,” Dan Sommer, Trilogy Education CEO and founder, said.
The company is planning to push for nationwide workforce training partnerships between universities and local employers and use Trilogy’s growth to drive its online expansion.
“Their business is a natural strategic fit and growth driver for 2U that will extend our reach across the career curriculum continuum, deepen our relationships with new and existing partners, drive marketing efficiencies, and open a more direct corporate training and enterprise sales channel for the company,” Christopher “Chip” Paucek, 2U co-founder and CEO, said.
As a result of the acquisition, 2U hopes to make education more accessible for lifelong learners and earn $1 billion in revenue by 2021.