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Cengage Group, an education technology company serving the learning community, has entered into an agreement to acquire Infosec, a cybersecurity education provider, for $190.8 million.
With the acquisition, Cengage Group will expand into the cybersecurity professional training market and increase the size of its workforce skills business. The transaction is expected to close in the first calendar quarter of 2022.
As the world shifted to remote and hybrid working environments, the frequency of cyber attacks rapidly increased. As a result, the need for skilled and knowledgeable cybersecurity professionals has grown, driving the US Bureau of Labor Statistics to identify information security analysts as the 10th fastest growing occupation over the next decade, with an employment growth rate of 31 percent.
With this acquisition, Cengage aims to be in a better position within the online, employer-paid cybersecurity training segment, currently a $1 billion market, with expectations to grow to $10 billion annually by 2027.
"The cybersecurity industry is at a critical inflection point where the skilled labor shortage could have far-reaching and lasting effects on business and personal safety. At the same time, it provides an opportunity for un- or under-employed workers who can upskill or reskill for career advancement," said Michael E. Hansen, CEO of Cengage Group, in a press release statement announcing the deal.
Infosec will join Cengage Group's ed2go business, with the goal to help develop and prepare workers for careers in high demand industries by providing access to thousands of hands-on cybersecurity courses and bootcamp, instructor-led training to prepare for certifications.
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