Franklin Covey Co. Acquires Strive to Add to Its Ability to Help Clients Achieve Lasting Behavior Change At Scale for Its All Access Pass Clients and Users

Rhea-AI Summary

FranklinCovey (FC), a leader in organizational performance improvement, has acquired Strive, an innovative EdTech startup based in San Francisco. This acquisition enhances FranklinCovey's capabilities to facilitate employee behavior change through its All Access Pass® platform. With Strive's advanced social learning platform and FranklinCovey's extensive content and services, the combined offerings aim to deliver highly engaging learning experiences. The All Access Pass has seen significant growth, reaching nearly $100 million in annual subscription revenue since its launch. The acquisition was finalized on April 26, 2021.

Positive

• Acquisition of Strive enhances FranklinCovey's All Access Pass capabilities.
• Strive's platform improves learning engagement, retention, and behavior change.
• All Access Pass subscription revenue has grown to nearly $100 million.

Negative

• None.

FranklinCovey (FC) (NYSE: FC), a global company specializing in organizational performance improvement, today announced the acquisition of Strive, a San Francisco-based EdTech startup, which has developed and markets an innovative, state-of-the-art learning deployment platform.

The acquisition accelerates FranklinCovey’s ability to help clients predictably achieve employee behavior change at scale through its All Access Pass®. Strive’s intuitive, social learning platform will enable seamless integration and deployment of FranklinCovey’s best-in-class content, services, technology, and metrics to provide highly engaging and impactful learning experiences for maximum impact.

"We are thrilled to have the Strive team join FranklinCovey, bringing with them their expertise in social learning and platform development,” said Paul Walker, FranklinCovey President and COO. “This acquisition enhances our ability to help our clients address challenges which require a change in human behavior at scale. The combination of our best-in-class content and services in our All Access Pass and the extensive capabilities Strive’s platform offers will allow for a seamless, engaging, and impactful user experience. And, additional diagnostics, analytics, and benchmarks will drive learning engagement, completion, and retention, for optimized learner and business outcomes.”

"Our mission at Strive is to help people and organizations achieve their potential,” said Will Houghteling, CEO of Strive and now Vice President of Product & Platform at FranklinCovey. “We're thrilled to combine Strive's learning platform with FranklinCovey's unequaled content, solutions, distribution, thought leadership, and reputation to help millions of learners and tens of thousands of teams and organizations realize their potential.”

Strive’s capabilities will be integrated into FranklinCovey’s All Access Pass, which is an annually renewable pass providing passholders with unlimited access to FranklinCovey’s entire collection of best-in-class content and solutions. Its core content offerings are now available in 20 plus languages, in more than 160 countries. Passholders can assemble, integrate, and deliver content from 26 areas, in an almost limitless combination through various delivery channels — On Demand, Live-Online, Live-in-Person, and microlearning. Passholders also have exclusive access to an implementation specialist and additional add-on services, such as coaching, to ensure they are unleashing the full scope and power of the All Access Pass to achieve their key business objectives.

Since FranklinCovey launched the All Access Pass five years ago, annual subscription and related revenue has grown to nearly $100 million, making it one of the largest and fastest growing subscription services focused on helping organizations successfully address their most important challenges which require behavioral change at scale. The acquisition of Strive brings new, cutting-edge capabilities that further enhance the value of the All Access Pass and drive increased impact and behavior change for clients.

Based in San Francisco, Strive was founded in 2017 by Will Houghteling and joined by co-founders Troy Cosey and Shane Chin in 2018. The company currently works with leading growth-stage and established tech companies to help them develop their emerging leaders. Strive's social learning platform is like Noom or Omada Health for learning — combining content, coaching, community, and analytics to drive lasting behavior change. This expertly designed approach generates substantial results for clients: learning completion rates are dramatically higher than industry averages, and 91 percent of Strive's learners and 100 percent of Strive's customers say they would be disappointed if they could no longer use Strive.

"FranklinCovey is the world’s leader in helping companies address the people problems that matter most. We're excited to add our solution and technology to build on that foundation," said Troy Cosey, co-founder and Vice President, Sales & Customer Success at Strive, now Managing Director at FranklinCovey.

The acquisition was completed on April 26, 2021.

About FranklinCovey

Franklin Covey Co. (NYSE: FC) is a global, public company, specializing in organizational performance improvement. We help organizations achieve results that require lasting changes in human behavior at scale. Our world-class solutions enable greatness in individuals, teams, and organizations and are accessible through the FranklinCovey All Access Pass®. They are available across multiple modalities and in 20 plus languages. Clients have included the Fortune 100, Fortune 500, thousands of small- and mid-sized businesses, numerous government entities, and educational institutions. FranklinCovey has more than 100 direct and partner offices providing professional services in more than 160 countries and territories. To learn more visit www.FranklinCovey.com and enjoy exclusive content across FranklinCovey’s social media channels: LinkedIn, Facebook, Twitter, Instagram, and YouTube.

About Strive

Strive helps companies build high performing, engaged, and retained teams with personalized and practical management training and leadership development. Strive's approach is like Noom or Omada Health for learning, combining coaching, community, accountability, and analytics to drive behavior change that works and lasts. Strive is used by established enterprises, growth-stage scaleups, and high-growth startups. Strive was founded in 2017 by a team from Google, Minerva, LinkedIn, and Amazon, and was funded by top EdTech, impact, and future-of-work investors.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210428005389/en/

FAQ

What is the significance of FranklinCovey's acquisition of Strive?

The acquisition strengthens FranklinCovey's ability to implement employee behavior change at scale through enhanced learning solutions.

When was the acquisition of Strive by FranklinCovey completed?

The acquisition was finalized on April 26, 2021.

How will Strive's technology benefit FranklinCovey's clients?

Strive's advanced learning platform will provide seamless integration of FranklinCovey’s content, enhancing user engagement and learning outcomes.

What revenue growth has FranklinCovey experienced since launching its All Access Pass?

Since its launch, the All Access Pass has grown to nearly $100 million in annual subscription and related revenue.

What types of content can All Access Pass holders access?

Passholders can access a comprehensive range of content across 26 areas in various formats including On Demand, Live-Online, and microlearning.