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Wolters Kluwer Agrees to Acquire Learner’s Digest International, a Leading Provider of Continuing Medical Education for Physicians
(August 14, 2015) — Wolters Kluwer's Health Division today announced that it has entered into an agreement to acquire 100% of Learner's Digest International, LLC, for $150 million in cash.
Learner's Digest is a leading provider of independent continuing medical education (CME) to physicians in the U.S. Operationally, the company will become part of Wolters Kluwer Health Learning, Research & Practice (LR&P), and will bring a range of offerings that are complementary to LR&P's existing strengths in quality medical, nursing and other healthcare information solutions.
The company offers a mobile medical education platform via an advanced audio app and robust media player. The Learner's Digest platform greatly simplifies the traditional CME process, enabling physicians to conveniently access educational content and to efficiently manage and complete their certification and professional development requirements.
Learner's Digest had revenues of $39 million in 2014, and has seen robust growth in recent years. Approximately 80% of revenues are subscription or membership-based and over 90% of revenues are from digital and services offerings. The acquisition is expected to deliver a return above Wolters Kluwer's after tax cost of capital (8%) within 3 to 5 years, and is expected to enhance earnings slightly in its first full year after closing. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals.
"Physicians are facing increased complexity in managing their continuing medical education and professional development requirements," said Cathy Wolfe, President & CEO of Wolters Kluwer Health Learning, Research & Practice. "At the same time, physicians are looking for more mobile access to information that saves time and improves efficiency in their daily work. Learner's Digest has built a leadership position in providing CME with mobile audio learning solutions that deliver a personalized clinical-knowledge resource embedded into the clinician's daily work."
Together, following closing, Wolters Kluwer and Learner's Digest will combine their strengths to provide comprehensive lifelong learning solutions that enable clinicians to easily manage complex CME requirements and to stay current with the latest research and standards of clinical care so that they are in a position to improve the quality of care they deliver to their patients.
"We have continually evolved our solution to deliver convenient access to authoritative content that helps to simplify the increasingly complex CME and Board requirements for physicians today," said Fred Studier, President & CEO, Learner's Digest International. "We are energized about becoming part of Wolters Kluwer, and extending the reach of our combined offerings to help more physicians become better physicians through effective medical education."
Founded in 2008, Learner's Digest is headquartered in Glendale, California and has approximately 120 employees. Housatonic Partners is the principal shareholder of Learner's Digest International, LLC.
About Wolters Kluwer
Wolters Kluwer is a global leader in professional information services. Professionals in the areas of legal, business, tax, accounting, finance, audit, risk, compliance and healthcare rely on Wolters Kluwer's market leading information-enabled tools and software solutions to manage their business efficiently, deliver results to their clients, and succeed in an ever more dynamic world.
Wolters Kluwer reported 2014 annual revenues of €3.7 billion. The group serves customers in over 170 countries, and employs over 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).
Wolters Kluwer Health is a leading global provider of information and point of care solutions for the healthcare industry. For more information about our products and organization, visit www.wolterskluwer.com, follow @WKHealthor @Wolters_Kluwer on Twitter, like us on Facebook, follow us on LinkedIn, or follow WoltersKluwerComms on YouTube.
About Learner's Digest International, LLC
Learner's Digest is a leading provider of independent (non-pharma funded) continuing medical education (CME) to physicians and other healthcare professionals in the U.S. Founded in 2008, with origins as the Audio Digest Foundation dating back to 1952, the company has developed a mobile audio learning platform that simplifies the traditional, time-consuming CME process, enabling physicians to efficiently and conveniently manage and comply with licensure, certification and professional development requirements. For more information on Learner's Digest, visit www.learnersdigest.com.
About Housatonic Partners
Housatonic Partners is a private equity investment firm founded in 1994 with over $1 billion in capital under management. They invest in growing, profitable companies in the recurring services, media and communications industries. They have partnered with exceptional management teams in more than eighty small-to-midsized companies in these industries since 1994.
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