Source - Alliance News

Learning Technologies Group PLC on Tuesday announced its sales of Lorien Engineering Solutions and TTi Global staffing contracts.

The London-based digital learning and talent management company said it agreed to sell Lorien Engineering Solutions, an engineering design and project management service provider and part of its ‘workforce transformation’ solutions provider GP Strategies, to engineering consultancy Niras Group for $21.4 million in cash.

Learning Technologies said it expects to complete the transaction in January 2024, and that Lorien will retain its current management team.

Learning Technologies also confirmed it had sold the external staffing business of TTi Global, also part of GP Strategies, for approximately $800,000 in cash. Multiple client staffing contracts, which generated $14.1 million in revenue during the twelve months to October 2023, have been transferred to Premium Staffing Solution.

‘We are pleased that Lorien has found an excellent home in Niras which has the strategy and team to develop Lorien’s offering,’ commented Chief Executive Officer Jonathan Satchell. ‘Alongside the carve-out of contracts from TTi, these transactions are further important steps in purifying GP Strategies’ focus on its core mission of corporate learning and talent development solutions.’

Learning Technologies shares were down 0.8% at 70.75 pence on Tuesday morning in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Learning Technologies Group PLC (LTG)

+0.30p (+0.35%)
delayed 17:24PM