FARMINGTON — Utah tech education giant Pluralsight announced its first post-public offering acquisition Wednesday, snapping up developer productivity platform GitPrime in a $170 million deal expected to close next week.
The news came alongside the release of the company's first quarter earnings report, which reflected ongoing growth and revenues approaching $70 million for the first three months of 2019.
Pluralsight co-founder and CEO Aaron Skonnard said the GitPrime acquistion is the perfect complement for the skills assessment features the company has been developing to complement its portfolio of over 7,000 tech-centric education courses.
"The integration of GitPrime with our leading technology skills platform is a win for our customers and will greatly expand the Pluralsight platform to provide even more value to technology leaders and developers,” Skonnard said in a statement.
“Marrying Pluralsight’s skill measurement and skill development capabilities with GitPrime’s developer productivity capabilities provides technology leaders with the most complete platform to improve efficiencies and speed up product development to deliver their digital transformation strategies. The GitPrime team has built something incredible that solves a long-standing problem. I’m excited to welcome them to Pluralsight and integrate their platform so that technology leaders can more fully control their tech-driven futures.”Comment on this story
While Pluralsight launched a highly successful public stock offering last May, bringing in over $300 million in new capital, the company followed a market slump late last year that impacted tech stocks across the board. The Nasdaq dropped over 9 percent in October alone, the biggest single-month downturn in nearly a decade, and Pluralsight stock dipped briefly below the $20 per share mark in December. But the company weathered the trough and then some. Pluralsight stock ended regular trading Wednesday at just over $35 per share with a market capitalization of about $4.9 billion.
Skonnard was upbeat about the company's performance thus far in 2019 following the report's release.
"Our Q1 financial results marked a great start to 2019," Skonnard said in a statement. "Revenue and billings growth continue to be strong with both up over 40 percent year over year. We continue to demonstrate the efficiency in our model with our third consecutive quarter of positive cash flow."