Local Tech Wire
CARY, N.C. – , the largest provider of corporate training and talent development in Canada that sought protection from creditors in June, has beenacquired by , which is based in Cary.
"Nexient is delighted to join forces with Global Knowledge to offer our clients an expanded learning portfolio and to deliver our learning products in the international marketplace. Global Knowledge’s international reputation as a leader in the training industry as well as their management and financial strength will provide the needed support to secure our position as market leader in Canada," said Nexient’s President and Chief Executive Officer Donnade Winter. "We look forward to becoming a part of the Global Knowledge team."
Financial terms were not disclosed.
"We view the Canadian training marketplace as having significant growth potential and the chance to acquire Nexient’s operations presented a rare opportunity to expand in this important market," Brian Branson, CEO and president of Global Knowledge, said in a statement. "We are excited to let the customers of both companies know that they will not only experience the same great service they’ve been receiving from Nexient and Global Knowledge, but that our combined learning portfolios of technical and soft skills will address an even wider array of their talent management needs."
Nexient will continue to operate under that name for the time being, the companies said.
In a court filing on July 8, Nexient received approval of the Ontario Superior Court of Justice to sell its assets. A “stalking horse” bidder that was not identified had “entered into an asset purchase agreement,” Nexient said.
A stalking horse is granted rights in bankruptcy proceedings to make the highest bid for the financially ailing company’s assets.
“Nexient is continuing with its day-to-day operations,” the company said. “It is also considering all strategic alternatives under the leadership of its existing management team. Nexient has made arrangements with Vengrowth, one of its current lenders, to provide financing to support Nexient’s operations during the [court] proceedings.”
Bids were due by Aug. 4, and the deal is expected to be closed by Aug. 15, according to Nexient.