Cengage Group, a global education technology firm with millions of students, has agreed to pay $190.8 million for Infosec, a significant cybersecurity education provider. Cengage Group will expand into the cybersecurity professional training market due to this acquisition, and its fast-developing Workforce Skills business will grow significantly. Subject to usual closing conditions and regulatory clearances, the acquisition is scheduled to close in the first calendar quarter of 2022.
"The cybersecurity industry is at a critical inflection point where the skilled labor shortage could have far-reaching and lasting effects on business and personal safety. At the same time, it provides an opportunity for un- or under-employed workers who can upskill or reskill for career advancement. With our scale and resources, more cybersecurity professionals will have access to an affordable and faster option to develop the skills they need," said Michael E. Hansen, CEO of Cengage Group. "The online, employer-paid cybersecurity training segment is currently a $1 billion market, with expectations that it will grow to $10 billion annually by 2027. Combining Infosec with our already-successful Workforce Skills business will provide top-line growth, expand our base of recurring revenue and accelerate our opportunity within the space."
Cengage Group's ed2go company will absorb Infosec as part of its Workforce Skills division, and Cengage will retain and invest in Infosec people and products to support future growth. Since its inception in 2004, Infosec has taught over 100,000 cybersecurity experts and provided training to over 5 million learners to enhance their cybersecurity knowledge and safety at home and work.
Cengage Group offers post-secondary and online continuing education courses through partnerships with hundreds of community colleges and universities, allowing students to upskill and reskill. According to Cengage Group's study on the "Great Resignation," 78 percent of people who had resigned from a job pursued online training courses or certificate programs. It stated they were critical to getting a new job. The ed2go business of Cengage Group helps job searchers and those who are currently employed by providing market-leading learning experiences that educate people for employment in high-demand fields like IT.
"Infosec was built by talented employees who truly believe that knowledge is power and care deeply about creating training materials that help cybersecurity professionals advance in their careers and keep employers and staff aware of cybersecurity threats at home and at work. Cengage Group has the same level of passion for making learning accessible, affordable and applicable to today's cybersecurity professionals,Building on ed2go's history in online training, Infosec will benefit from Cengage Group's scale and expertise, which means we can reach more cybersecurity professionals and employers that are looking to not only grow their careers but to keep businesses, governments, and people safe from cyber threats."
Jack Koziol, CEO and Founder of Infosec
The frequency of cyber-attacks rose dramatically as the world switched to remote and hybrid working environments. As a result, the demand for competent and educated cybersecurity professionals has increased, prompting the Bureau of Labor Statistics to rank information security analysts as the tenth fastest expanding occupation in the United States over the next decade, with a 31 percent increase in employment.