Articulate

Articulate Global, a provider of online training tools and e-learning authoring apps, today announced a $1.5 billion Series A funding round led by global growth equity firm General Atlantic, and joined by funds managed by Blackstone Growth and Iconiq Growth.

Bootstrapped by founder and chief executive Adam Schwartz in 2002, today’s fundraise is New York City-based Articulate’s first source of institutional capital, and the company is now valued at $3.75 billion in one of the largest Series A rounds ever.

Articulate said it will use its new partnerships aim to further accelerate to grow and scale internationally.

The company provides enterprise companies and small-to-medium sized businesses with two offerings. Articulate 360 is a suite of online course development apps and resources for enterprises. Last year, the company also launched Rise.com, an all-in-one online training system for small to medium-size businesses and departments.

Articulate stated it has more than 106,000 customers spanning 161 countries – with all 100 of the Fortune 100 companies as customers which collectively have created millions of training courses using Articulate software.

Schwartz said: “We’re partnering with the growth equity firms we’re convinced will help us have an even greater impact in the world. Companies face a whole host of challenges training employees in remote and hybrid work environments and reskilling their workforces post-Covid. They’re also under increasing pressure to build learning cultures that treat employees as whole humans, democratise learning creation and consumption, and reduce turnover through enhanced engagement. With these growth equity partners at our side, Articulate is well-positioned to be the one-stop-shop for organisations transitioning from instructor-led training to the online training that is so critical in the new world of work.”

Lucy Suros, president of Articulate, added: “We strategically selected General Atlantic, Blackstone, and Iconiq Growth as investors for their combined strengths, including deep operational expertise, proven experience growing cloud-based SaaS companies, and an extensive network of resources to help us scale rapidly. Moreover, all three partners support our passionate commitment to building a human-centred organisation.”

Anton Levy, co-president and global head of technology investing at General Atlantic, added: “It’s rare that a company achieves the level of success Articulate has without any prior institutional backing. On key measures including industry leadership, transformative technology, customer NPS, employee happiness, and sustained growth, Articulate has established itself as a leader and innovator. Drawing from a long-standing history of backing mission-driven entrepreneurs, we are thrilled to partner with the Articulate leadership team to extend and accelerate the transformative impact they’ve already had in the world.”

Jon Korngold, global head of Blackstone Growth, said: “Articulate is a clear leader in the fast-growing online learning industry with world-class technology solutions. We look forward to partnering with the company’s management, General Atlantic, and Iconiq to extend Articulate’s market leadership position.”

Will Griffith, founding partner of Iconiq Growth, commented: “Workplace learning has been a core theme only accentuated by the pandemic, and we are proud that Articulate directly addresses this challenge for employees around the world.”

Investment and merchant banking firm LionTree was exclusive financial advisor to Articulate and will invest alongside the other investors.

Date published: 1 July 2021

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