The CEO of Cary-based Global Knowledge says the acquisition of Canada's largest corporate training firm is a strong addition even though the business had financial problems.
Last week Global Knowledge completed the previously announced acquisition of the assets of Nexient Learning, which has 220 employees and generated $55.2 million in revenue last year. Nexient's ambitious expansion was fueled by debt that led it to file for the Canadian equivalent of Chapter 11 bankruptcy, but the business has consistently generated positive cash flow from operations, said Global Knowledge CEO Brian Branson.
That's crucial because Global Knowledge acquired Nexient's assets, not its debts, said Branson.
"It was a rare opportunity, as I see it, for Global Knowledge to acquire the clear market leader in Canada in IT [information technology] and business skills and leadership training," Branson said.