Degreed acquired London-based Adepto, a platform that allows organization to gain greater insight to the skill sets of employees as well as candidates and alumni.
Degreed said the transaction will accelerate its global expansion and add strengthened skills inventories, on-the-job development experience and career mobility tools to its learning platform. The company didn’t disclose the deal’s financial terms.
In May, Degreed closed a $40 million debt facility and raised $35 million in equity funding from existing investors. At the time, the company said it would use the financing to fund international expansion and extend its capabilities in skills analysis, integration, data science and client enablement. According to CrunchBase, Degreed has raised about $153 million since its founding in 2012..@Degreed acquired Adepto to add skills information and mobility tools to its LMS. #HR #HRTech Click To Tweet
Using Adepto’s technology, organizations can build what the company calls “private Total Talent networks” that match internal and external workers to project, gig and job opportunities based on their skills and career goals. The platform also provides managers and executives tools that track and access the skill-sets and interests of their available talent pool current and past employees, contractors, freelancers, consultants and candidates.
Degreed’s Expanding Platform – and Footprint
The companies said Adepto’s technology will give Degreed customers “the most complete learning experience platform on the market.” The combined platform will provide workers with formal, informal, social, user generated and on-the-job development opportunities, all accessible through a single app. It will also offer deeper insights into the supply and demand for skills in the employer’s businesses.
Degreed’s customers “want to continuously align their capabilities to new growth opportunities,” said CEO Chris McCarthy. “To do that, they need real-time insights about the skills, experiences and interests of all their workers,” as well as a way to “fluidly connect people to the right roles.” Data provided by performance reviews and current HCM systems don’t fit the bill, he said.
Founded in 2013, Adepto claims to have earned triple-digit growth in each of the last three years. Its 40 employees work from offices in London, Brisbane and New York. Clients include Atos, Cisco and the Queensland, Australia, government. The company’s technology integrates with a number HCM, vendor management and other corporate systems. Like Degreed, Adepto tracks a worker’s skills by allowing them to “own” and control their profiles, and use them across multiple organizations.
Brandon Hall Group research, cited by Degreed, says that more than 45 percent of HR leaders believe their organizations’ technology isn’t set up to adequately assess and track the skills of their workforce. Nearly 60 percent said they’re looking for technology to better assess and monitor skill development.
Degreed apparently believes combining with Adepto will provide an answer. “Adepto and Degreed coming together will empower businesses to meet market demands more efficiently,” said Adepto Founder and CEO Chris Milligan. “We have always worked with organizations to better mobilize their Total Talent. Now, with Degreed’s LXP and skills measurement capabilities, we can also provide customers with end-to-end solutions for upskilling and transforming their workforces, cost effectively and at scale.”
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