Digital Marketing Institute sells stake to VC
Ireland's Digital Marketing Institute has sold what is understood to be a majority stake in the business to a venture capital firm that has previously backed SurveyMonkey and Bitly.
Spectrum Equity, based in Boston and San Francisco, will invest €26m in the Digital Marketing Institute in a deal to accelerate global growth, the two companies said yesterday. The privately-owned Dublin-based Digital Marketing Institute provides global certification standards in digital marketing and digital sales education.
To date more than 18,000 professionals in 115 countries have completed its programme.
Since 2014, the Digital Marketing Institute has increased sales by 73pc annually on the back of strong uptake of its online and corporate learning programmes, as well as licensed courses offered via a network of more than 100 education partners globally, the company said.
Adam Margolin and Parag Khandelwal of Spectrum Equity will be joining the Digital Marketing Institute's board of directors.
Ted Weissberg, former CEO of ACAMS which was acquired for $330m last year, will join the board as executive chairman to work alongside Ken Fitzpatrick, who will stay on Digital Marketing Institute CEO.
"There is an urgent need for digital marketing and digital sales education for professionals," said Adam Margolin of Spectrum Equity.
"The Digital Marketing Institute is uniquely positioned to address this growing global skills gap through its innovative, industry-validated certification programmes.
"We are excited to partner with Ken Fitzpatrick, Ted Weissberg and the rest of the Digital Marketing Institute team as we look to scale the business globally and build the leading training and certification provider for sales and marketing professionals across all industries.
"While we are very proud of the international growth achieved by the Digital Marketing Institute to date through self-funding, we recognise the potential scale that can be realised with investment."
"Spectrum Equity has a great track record in edtech and digital marketing technology spaces, and with Ted Weissberg's significant experience scaling a similar professional learning and certification business, I'm confident this is the right investment partnership to realise our global ambitions," Mr Fitzpatrick said.