Learning Technologies Group plc, based in London, announced that it has entered into a definitive agreement to sell its VectorVMS business to Pixid Group.

Pixid, headquartered in France, is a vendor management system which operates in Europe and is majority owned by Keensight Capital, a European Growth Buyout investor.

VectorVMS was founded in 1999 and is headquartered in the US.

The price is for a cash consideration of USD 50 million on a cash and debt free basis (subject to customary adjustments). The board of directors of Learning Technologies Group said it will consider the use of proceeds from the Vector divestiture and provide an update to the market in due course.

The transaction is expected to close in July 2024.

VectorVMS is a vendor management system for contingent labour with operations predominantly in North America and also in the UK. In 2018, VectorVMS was acquired as part of the $150 million PeopleFluent acquisition and was subsequently separated into an independent business and brand later that year.

For the full year ended 31 December 2023, VectorVMS generated revenue and adjusted EBIT of USD 11.4 million and USD 7.1 million, respectively.

The sale of VectorVMS is part of Learning Technology Group’s strategy to actively manage the portfolio, and sharpen its focus on learning and talent development. The sale of VectorVMS also follows the completed disposals of Lorien Engineering Solutions and TTI in 2023.