(Alliance News) - Pearson PLC on Monday announced an agreement to acquire Personnel Decisions Research Institutes, LLC, expanding the company's services to the US government.
The London-based education publisher said PDRI will join Pearson's Assessment & Qualifications division. The purchase will be at an enterprise value of USD190 million for PDRI, funded from Pearson's existing cash and available liquidity.
The acquisition of PDRI, which provides assessment solutions to the US federal government, "further expands Pearson's portfolio, accelerating the company's strategy to capture new market opportunities and grow its presence with large employers," Pearson said.
The company said PDRI has an impressive revenue growth opportunity, having generated USD33 million in financial 2021.
The acquisition is expected to be completed in the first half of 2023.
Chief Executive Officer Andy Bird said: "We are pleased to have the opportunity to expand this important market for Pearson and our assessments business. Pearson and PDRI share a culture and commitment of serving trusted, secure, and innovative assessment solutions to major employers and millions of people looking to establish and grow their careers.
"Together, we will have a stronger proposition and a larger platform from which to drive future growth."
Pearson shares were up 1.2% trading at 929.94 pence per share on Monday afternoon in London.
By Harvey Dorset, Alliance News reporter
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