January 29, 2015
Nashville Business Journal
by Eric Snyder
Franklin-based Rustici Software has been bought by United Kingdom-based Learning Technologies Group, the companies announced today.
Rustici provides software to the online learning industry. Learning Technologies Group, based south of London, is traded on the London Stock Exchange (LSE: LTG.L).
LTG will pay $26 million for Rustici, the British company announced, $20 million in cash and the rest in LTG shares. Rustici’s brought in revenue of $6.6 million in 2015, translating to earnings of $2.7 million.
According to the news release, Martin will remain at Rustici as CEO. Mike Rustici, meanwhile, “will focus exclusively on Watershed to accelerate the development of this young, high-growth business.” We wrote about the Watershed spinout in August.
In a blog post on the Rustici website, Martin writes that existing customers shouldn’t be impacted by the deal.
“The very same people will be providing to you the very same services in the same way,” Martin said. “Our ability to serve our customers in the way we always have is something we feel really strongly about.
“We’re excited to have the opportunity to work with the fine folks at LTG, and to continue to serve the e-learning industry in an even bigger way than before.”