John Wiley & Sons has acquired Efficient Learning Systems, an e-learning system provider that specializes in professional finance and accounting, for $24 million.
ELS’s flagship product is aimed at training CPA candidates. CPAexcel includes online self-study, videos, mobile apps and planning tools, helping more than 65,000 professionals prepare for the CPA exam. The service will be delivered directly to professionals worldwide seeking to earn credentials. The company is based in Sedona, Ariz.
Wiley said Monday that for the fiscal year ending December 2012, ELS’s revenue is expected to be approximately $7 million, but is growing rapidly. Wiley anticipates the acquisition to be essentially neutral to its earnings for the fiscal year ending April 30, 2013.
“This acquisition makes Wiley a leader in the growing CPA test preparation market and provides us with a scalable platform that can be leveraged across other areas of our professional segment,” said Wiley senior vice president of professional development Mark Allin in a statement. “ELS is a business with strong growth characteristics, and the acquisition, when combined with Wiley’s global footprint, leadership position in professional accounting and finance, and well-respected CPA review materials, will accelerate our e-learning and high growth market strategies, as well as overall revenue and margin growth.”
Wiley has recently redefined its professional development business to focus on career development internationally, focusing on areas such as finance, accounting, talent management, leadership, technology, behavioral health, engineering, architecture and professional education.