Vector Solutions, a portfolio company of Providence Equity, has acquired Convergence Training. Providence Equity acquired Vector Solutions from LLR Partners in December 2014.
Convergence Training is a provider of training content and software – with a specialization in 3D modeling and animation – to industrial and manufacturing companies. The company’s library includes more than 750 courses, many offered in 14 languages, on a range of subjects including health and safety, paper and pulping, corrugated packaging, power and utilities, mining, and human resources.
Convergence has more than 400 customers including Caterpillar, Honeywell, LafargeHolcim, Microsoft and International Paper. The company is headquartered near Vancouver in Camas, WA (www.convergencetraining.com).
Vector Solutions is a provider of online certification and licensure, continuing education, and professional development training to corporations and individual professionals that are active in architecture, engineering, and construction (AEC); facilities management; public safety; IT and education industries. The company operates through multiple brands, including RedVector, TargetSolutions, SafeSchools, SafeColleges, TeachPoint, and Exceptional Child. Vector Solutions is headquartered in Tampa (www.vectorsolutions.com).
“It’s our mission to create the most effective training to maximize learning and retention for optimized performance,” said Jeff Gordon, CEO of Vector Solutions. “And one of the best ways to engage learners is by leveraging cutting-edge educational technology like the 3D modeling used in Convergence courses. This type of media allows us to bring topics to life, convey complex information and processes, give rare looks inside machinery and other large items, and create scenarios that could otherwise risk safety. This is an important step as we work to modernize our entire course library and bring personalized instant intelligence to our clients.”
D.A. Davidson (www.dadavidson.com) was the financial advisor to Convergence Training on this transaction. “The D.A. Davidson Technology Investment Banking Team was vital in completing this transaction,” said Randy Kohltfarber, CEO of Convergence Training. “Their SaaS expertise and eLearning industry deal experience enabled Convergence and its shareholders to realize the greatest possible outcome.”
Providence invests in the media, entertainment, communications and information industries and has approximately $54 billion of capital under management. The firm was founded in 1989 and is based in Providence, RI with additional offices in New York and London (www.provequity.com).
© 2018 Private Equity Professional | April 26, 2018