New York's programming ed tech startup, General Assembly, sells to Adecco for $413 million

From TechCrunch - April 15, 2018

The European human resources services company Adecco Group said that is acquiring the New York-based, programming, design, and management training startup General Assembly for $413 million.

With the acquisition, Adecco adds to its ability to provide job training and re-skilling services for businesses. Its proof that General Assemblysown business has come a long way since its early days as a startup offering continuing education or training programs for new entrants into the tech-enabled white collar workforce.

General Assembly was worth $440 million after its last, $70 million investment round, according to a report in Axios,which means that early stage investors will see a nice return on their investment while many later stage backersincluding Wellington Management and Fresco Capital are looking at some pretty flat returns.

Investors likely popping some corks right now include Alex Ohanians Initialized Capital, Maveron, and Bezos Expeditions,the venture capital fund of Amazonfounder Jeff Bezos (who clearly needs the money).

Its not an ignominious outcome for General Assembly, whichbrought in $100 million in 2017, but not the exit that many in the New York tech ecosystem had hoped for.

Over time, General Assembly became less of a consumer facing business and transitioned into one that was serving primarily business clientswhich means access to Adecco Groups over 100,000 businesses is a big boon to the companys continued expansion plans.

By offering General Assemblys services alongside the Groups existing talent development, career transition and professional staffing solutions we will be able to better respond to client needs, enhancing both access to and the supply of the most in-demand skills, said Alain Dehaze, chief executive of the Adecco Group, in a statement.


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