Completing its second acquisition of 2012, OnCourse Learning, a portfolio company of The Riverside Company, has added Digital University, an online bank and credit union regulatory compliance training expert. U.S. Bank provided financing for the transaction.
The deal adds a new industry to the training offerings of OnCourse, a provider of professional training for multiple industries.
Digital University is based in San Diego, CA, and provides comprehensive courses covering more than 300 topics for its more than 1,000 bank, credit union and utility clients.
The acquisition is the sixth add-on to OnCourse. The other additions to OnCourse were QuickCert.com (2007), American Home Inspectors Training Institute (2007), TrainingPro (2008), ProSchools (2010), and CompuTaught (2012).
“Financial institutions face a complex and increasingly demanding regulatory environment,” said OnCourse CEO Patrick Sheahan. “We see a strong growth future for this area of training, and we’re thrilled to be acquiring such a strong player in the field.”
“Digital University is a perfect fit for OnCourse,” said Riverside managing partner Loren Schlachet. “It offers an outstanding set of courses and has a deep and valuable customer base. Digital University is a highly complementary addition to OnCourse.”
Digital University is Riverside’s 28th acquisition in its education and training specialization. It is one of several specializations where the firm has deep experience, dedicated teams of experts, and resources to drive growth.
Working on the transaction with Schlachet from Riverside were principal Brian Sauer, associate Grady McConnell, operating partner David Logan and Finance director David Pecore.
Jones Day provided legal counsel on the transaction, and McGladrey provided accounting due diligence.
The Riverside Company is a global private equity firm focused on acquiring growing businesses valued at up to $200 million.