The deal marks Riverside’s first purchase from its Asia-Pacific Fund II, which had collected half of its $150m target at the beginning of October.
Although financial details of the Learning Seat deal were not disclosed, the fund is targeting companies with EBITDA of between $4m and $15m.
The business, which provides online courses, training tools and learning resources, is Riverside’s third Australian platform investment.
Riverside partner Simon Feiglin said, “We believe the eLearning industry in Australia is relatively young, and poised for a strong future.
“We are building a plan for Learning Seat that includes new product development, expanded sales and marketing efforts, and leveraging Riverside’s global connections and talent.”
Riverside principal Brad Lynch said, “With our deep experience in the education and training sector, we are confident that we can accelerate expansion at Learning Seat.
“We identified numerous growth opportunities during due diligence, and have the team and resources to capitalize on them.”
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