|
Pearson PLC on Thursday said it completed the acquisition of Personnel Decisions Research Institutes LLC, a workforce assessment services provider, based on an enterprise value of $190 million. The London-based education publisher said the acquisition further expands its portfolio and accelerates its strategy to capture new market opportunities and grow its presence with large employers. It said PDRI will contribute to growth and margins for its Assessment & Qualifications division, as well as driving returns for shareholders. PDRI will now operate under the ’PDRI by Pearson’ brand name. ‘PDRI has significant expertise in providing assessment solutions to the US federal government, one of the largest employers in the US with more than 4 million employees,’ Pearson said in a statement. ‘[It] has built a strong reputation for delivering quality talent assessments, including tailored assessments to support hiring practices for US federal government agencies. The acquisition significantly expands Pearson’s services to US federal agencies, including through PDRI’s partnership with the Office of Personnel Management to deliver the USA Hire platform. The USA Hire platform serves more than 40 agencies and is utilised to assess more than 500,000 applicants annually.’ Pearson said the acquisition unlocks synergies between the two companies, while describing PDRI’s financial profile as ‘highly attractive’ with ‘an impressive revenue growth opportunity, good margins and strong cash flow conversion’. PDRI Chief Executive Officer Elaine Pulakos added: ‘We are excited to be joining Pearson and look forward to becoming part of the growth strategy. Pearson has a reputation for quality in the assessments field and combined with our proven assessment and talent solutions, we see significant opportunity to further improve our products and reach more customers collectively. ‘Our attention is now firmly directed towards delivering on our growth ambitions.’ Shares in Pearson were down 1.6% to 811.20 pence each in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
