Tribal Group has announced that it has completed its acquisition of the entire issued share capital of International Graduate Insight Group (“i-graduate”). This news comes after its announcement on the 20th December that the provider of education, learning and training services worldwide had reached an agreement with i-graduate to acquire it, with the transaction completing on schedule.
The terms of the deal stated that Tribal Group will pay an initial amount of £2.86 million on completion and up to a maximum of £7.5 million subject to satisfaction of an earn-out criteria based on earnings over the 3 year period ending 31 December 2015. The unaudited profit before tax of International Graduate Insight Group Limited for the year ended 31 March 2012 was £423k and the value of gross assets at that time was £1,799k.
i-graduate is an independent benchmarking and analytics group, working in partnership with institutions and education organisations to provide evidence-based information on education experience and outcomes across higher education, further education and schools markets. The business works with over 1,200 education institutions in 24 countries, receiving and analysing feedback from more than 1.3 million students of over 190 nationalities. i-graduate will join Tribal’s Services business and will strengthen the Group’s evidence-based analytics offering.
i-graduate was founded in 2005 by Will and Lindsay Archer. Will Archer will continue to lead the i-graduate business and will head up the integration of i-graduate’s offerings with Tribal’s existing financial benchmarking and analytic capabilities.
Tribal’s Chief Executive Officer, Keith Evans, commented: “This acquisition will enable us to strengthen our capabilities in this exciting and emerging area, expands our product offering to our existing customers and provides increased access for our existing products to the i-graduate customer base, both in the UK and in our targeted international markets.” The transaction is expected to be earnings accretive.