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Pluralsight announced that Cendyn, a cloud software provider for the hospitality industry, utilized its skills platform during the pandemic to upskill employees amid workforce reductions. Cendyn accessed over 7,000 technology courses through Pluralsight's Free April campaign to address skill shortages and enhance productivity. Following the success of this initiative, Cendyn has entered a multi-year partnership with Pluralsight for ongoing skill development. This collaboration aims to empower Cendyn's workforce, enabling improved team collaboration and innovation in technology solutions.
Vista Equity Partners has successfully acquired Pluralsight for $22.50 per share, marking the end of Pluralsight's public trading. This acquisition aims to leverage Vista's resources to innovate and enhance Pluralsight's offerings in technology workforce development. Post-acquisition, Pluralsight’s stock has ceased trading and is no longer publicly listed. The transaction reflects Vista's commitment to creating enduring market value through technology-driven investments.
Pluralsight (NASDAQ: PS) has announced the return of its 'Free April' initiative, offering 30 days of free access to its Skills platform for individuals and businesses throughout April. This program, launched amid the pandemic last year, aims to assist businesses and employees in developing essential technology skills for recovery and growth in the digital economy. CEO Aaron Skonnard noted the previous year's success, with over a million technologists participating. The initiative includes free instructor-led training for businesses and extensive resources for individual learners.
On March 25, 2021, Pluralsight (NASDAQ: PS) announced that TeamHealth utilized its Skills platform to enhance machine learning and AWS capabilities, supporting a key technology objective and potential cost savings of $5 million. TeamHealth's Innovation Lab, established to automate medical billing processes, allowed teams to quickly acquire necessary skills, leading to productive prototypes. This initiative not only aims to improve efficiency but also enhances team member satisfaction by investing in their technological development with Pluralsight's resources.
Pluralsight (NASDAQ: PS) has announced a revised agreement with Vista Equity Partners, under which Vista will acquire Pluralsight's outstanding shares for $22.50 per share, marking an 11% increase from the initial offer. The revised agreement has received unanimous support from both the independent Transaction Committee and the Pluralsight Board of Directors, who recommend that all shareholders tender their shares. The transaction is expected to close in the second quarter of 2021.
Pluralsight (NASDAQ: PS) has appointed Lindsay Bayuk as Chief Marketing Officer, effective immediately. Bayuk, who previously served as interim CMO and Vice President of Portfolio Marketing, has been with the company since 2016. In her new role, she will manage the global marketing organization, focusing on brand, demand generation, and customer marketing. CEO Aaron Skonnard praised her contributions, which include establishing enterprise positioning and leading brand marketing efforts. Bayuk brings extensive B2B SaaS experience to the position.
Pluralsight (NASDAQ: PS) announced an adjournment of its special shareholder meeting initially set for March 2, 2021, to March 9, 2021. This delay aims to gather more proxy votes and discuss potential adjustments to a transaction with Vista Equity Partners, which proposes to acquire Pluralsight for $20.26 per share, valuing the deal at approximately $3.5 billion. No other business will be conducted during the meeting. The record date for shareholder voting remains January 15, 2021.
Pluralsight (NASDAQ: PS) strongly defends its transaction with Vista Equity Partners following ISS's negative analysis. The acquisition offers significant value, with a 26% premium on undisturbed prices and compelling multiples compared to recent M&A transactions. Pluralsight's independent Transaction Committee secured a much higher offer than Vista's initial proposal and addressed significant operational risks. The company urges shareholders to vote for the transaction on March 2, 2021, emphasizing that only Vista submitted a proposal during the process, suggesting a lack of alternative valuations.
Pluralsight, Inc. (NASDAQ: PS) reported strong financial results for Q4 and FY 2020. Q4 billings reached $151.1 million, a 18% increase year-over-year, with revenues of $105.0 million, also up 18%. For the full year, billings totaled $430.4 million, up 14%, and revenue was $391.9 million, marking a 24% increase. Gross margins improved slightly to 79% in 2020 versus 77% in 2019. However, net losses per share decreased marginally, with a Q4 loss of $0.30, down from $0.31 in the previous year.
