London-based corporate learning company Looop has been snapped up by SoftBank-backed education technology firm 360Learning for some $20m.
Looop, which works with fintech giants Klarna and Monzo, as well as retail heavyweight Asos, is 360Learning’s first-ever acquisition.
“Now as learning and development grapples with the triple hit of remote work, the Great Resignation, and the looming skills shortage… It’s both an incredible opportunity and incredibly timely,” Looop chief learning officer, David James said.
The deal’s figure is a mixture of cash and shares, the companies confirmed today.
Both companies assured employees and customers that the acquisition will not have “any immediate impact” on each of the current businesses.
It follows a $200m funding round for 360Learning, which was designed to unlock more breathing room for its M&A ventures.
The buyout is set to help 360Learning’s customers in the ongoing transition to remote work, as well as helping companies tackle skills shortages.