John Wiley & Sons Inc. said it agreed to buy online-education firm Deltak.edu LLC for $220 million, expanding the publishing company's education business.
Deltak, a closely held company based in Chicago, works with colleges and universities to develop and support online degree and certificate programs. It currently supports more than 100 online programs. The company's revenue was $54 million for its latest fiscal year, which ended last month. Wiley said it expects Deltak to contribute solid growth to both Wiley's global education business and the company overall.
The acquisition is expected to close by the end of the month.
"The acquisition of Deltak will extend Wiley's Global Education trajectory into a high-growth segment of the market and bring additional expertise to the organization in such areas as curriculum design, student recruitment services, and next generation technology solutions," said Joseph Heider, senior vice president of Wiley's global education business.
In August, Wiley agreed to sell its Frommer's travel-guide business to Google Inc. for an undisclosed sum. The publisher had said in March it was exploring the sale of some of its publishing assets in its professional and trade business, including Frommer's, Webster's New World, and CliffsNotes, among others. The company said it planned to redeploy resources to its well-known "…For Dummies" brand.
Last month, Wiley said its fiscal first-quarter earnings fell on squeezed margins. It also recorded a large restructuring charge.
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