Former DeVry Parent Buys OnCourse Financial Services Business for $121 Million
STEER A COURSE: Adtalem Global Education, the publicly traded operator of several for-profit higher education institutions, has bought the financial services business of online education provider OnCourse Learning for about $121 million in cash.
Chicago-based Adtalem, which gave for-profit DeVry University’s stock at no cost to venture capitalist Bradley Palmer last year, expects to close the OnCourse deal during the fourth quarter, according to a statement Monday. Under certain conditions, Adtalem will pay OnCourse $5 million should the deal fall through.
As part of the deal, Adtalem receives OnCourse brands BankersEdge and TTS, which provide compliance training to banking and credit union markets, on top of mortgage licensing and other continuing education programs.
OnCourse claims over 300,000 mortgage students have completed these programs and that its financial services business generated $31 million in revenue during the 2018 calendar year, according to the statement.
Adtalem’s portfolio of schools also includes Becker Professional Education, EduPristine, American University of the Caribbean School of Medicine, Ross University School of Medicine, Ross University School of Veterinary Medicine and Chamberlain University.
Brookfield, Wisc.-based OnCourse Learning sold in September to German education and media company Bertelsmann. OnCourse claims an online library of about 22,000 educational courses, and serves about 750,000 learners and 20,000 business customers.