Pluralsight announces agreement to recapitalize with existing lenders
Draper-based technology workforce development company Pluralsight has announced an agreement to recapitalize its business with a group of existing lenders led by funds managed by Blue Owl Capital Inc. and including funds managed by Ares Management Corp., Goldman Sachs Asset Management and Oaktree Capital Management LP, among others.
Under the terms of the agreement, the investor group will own 100 percent of the company. The Utah company said the recapitalization will strengthen its balance sheet, significantly reduce outstanding debt and provide over $200 million of capital to accelerate growth initiatives and support long-term strategic goals.
“We are pleased to have reached an agreement that supports Pluralsight’s growth plans. The most recent quarters’ improved customer retention and new bookings performance highlight that the team is well-positioned to execute on the significant and growing, global e-learning market opportunity,” said Erik Bissonnette, managing director at Blue Owl Capital.
“Thanks to innovations across artificial intelligence, technology is evolving at an unprecedented pace, making the need to acquire and grow tech skills imperative for organizations and individuals,” said Jeff Ray, chairman of the board of Pluralsight. “”Pluralsight is uniquely positioned to address this need with expert-authored content, skill assessments and hands-on learning experiences. I look forward to working with the team to accelerate progress on our growth strategy and deliver on our mission to inspire and empower the technology workforce to achieve their goals.”
Founded in 2004, Pluralsight provides a learning platform for thousands of companies, government organizations and individuals around the world. In addition to its Draper headquarters, the company has offices in India, Ireland and Australia.