Funds managed by the Investor Group to receive shares of Pluralsight
Investment of new capital provides assurance of continuity to customers and partners and supports acceleration of growth initiatives
SALT LAKE CITY, Aug. 28, 2024 /PRNewswire/ — Pluralsight (the “Company”), the technology workforce development company, today 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 by Oaktree Capital Management, L.P., among others (collectively, the “Investor Group”).
Under the terms of the agreement, the Investor Group will own 100% of the company. The recapitalization will strengthen Pluralsight’s balance sheet, significantly reduce outstanding debt, and provide over $200 million of capital to accelerate growth initiatives and support long-term strategic goals.
The completion of the recapitalization and additional investment provides the resources needed to deliver for customers and execute the Company’s updated customer centric strategy to accelerate growth.
“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 eLearning market opportunity,” said Erik Bissonnette, Managing Director, Blue Owl Capital Inc.
“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.”Â
About Pluralsight
Pluralsight provides the only learning platform dedicated to accelerating the technology skills and capabilities of today’s tech workforce. Thousands of companies, government organizations, and individuals around the world rely on Pluralsight Skills to support critical technology skill development in areas that are crucial to innovation including artificial intelligence, cloud computing, cybersecurity, software development, and machine learning. Pluralsight Skills provides highly curated content developed by vetted technology experts, industry leading skill assessments, and hands on, immersive learning experiences designed to help individuals skill-up faster. The company is headquartered in Draper, Utah with worldwide offices in India, Ireland, and Australia. For more information, visit pluralsight.com.
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SOURCE Pluralsight