This is a strategic acquisition with the aim of

• expanding the group's product portfolio - particularly around LXP and LMS technology, cloud authoring tool technology, talent management technology, ready-to-go content, bespoke training solutions and consultancy expertise
• broadening the group's customer base
• addressing a wider geographic market and expanding global reach
• increasing capacity to grow and dominate the corporate and EdTech markets

The combination of the two companies leads to new opportunities and synergies that will accelerate growth. With the integration of Virtual College, Netex will offer new technologies and solutions, including hundreds of professional training courses made available to users through different channels, including Netex's own marketplace.

The integration of Virtual College in the Netex Group will result in an expected annual turnover for FY22 of approx. £17m.

Rod Knox and Bob Gomersall, co-founders of Virtual College said, "The combination of the Virtual College and Netex businesses creates a huge opportunity to work together to build on the vast skills, knowledge, and experience that both businesses have developed over the last 25 years. This combined provision creates a leading-edge eLearning solution that will enhance the offer within existing markets and open significant new opportunities to expand internationally."

Carlos Ezquerro, CEO of Netex, added, "The addition of Virtual College to the Netex structure is a very important step for the company in its plans for development, international expansion, and the search for leadership in the eLearning sector at an international level. We welcome the entire Virtual College team, now part of Netex, who will be crucial in achieving our new collective vision and goals."

As Alejandro Faginas, Netex's CFO, points out, "The company's management has been very involved in the search for interesting growth possibilities in the market. During the last few months, we have studied more than thirty deals, until we found the right one for Netex at this time. The integration of Virtual College is an immediate accelerator in our penetration of the English-speaking market, both in the UK and the US."

Hannah Brindle, MD, of Virtual College commented, "The entire Virtual College Team is hugely excited about our collaboration with Netex. Working with new colleagues on a shared, ambitious vision for the future of learning is what drives us to be better than we were yesterday. We can't wait to be part of this new Netex Virtual College partnership."