Oxford University Press has bought e-learning business Epigeum for around £10.7 million, EducationInvestor can reveal.
It follows a statement from Imperial Innovations to the London Stock Exchange this morning, revealing it had sold its 17.8% stake in the firm for £1.9 million.
Epigeum is a provider of online courses designed to support universities and colleges in core activities like teaching, research, studying and management. The company's courses are used by 230 universities in 27 countries.
EducationInvestor revealed it was for sale in March and that the firm had forecast sales of £5.4 million in 2015 and adjusted ebitda of £1 million.
A source close to the matter said the business had fetched £10.67 million – just over 10 times its forecast ebitda.
Tim Barton, managing director (global academic) at Oxford University Press, confirmed the deal had taken place.
"This acquisition advances our mission and strategy by extending the high-quality online content and services we offer to universities and colleges," he said.
“By developing its business globally as part of the world’s largest university press, Epigeum with OUP will be able to reach more learners in more places than either company did before.”
Epigeum’s other two shareholders are David Babbington Smith and David Lefeuvre. Former head of RM Education Terry Sweeney joined as chief executive in January.