In 2024, the training and education sector experienced significant momentum in mergers and acquisitions (M&A), reflecting a convergence of economic, technological, and regulatory shifts—as well as regional market specificities. M&A activity in this space has become a strategic response to evolving demands for personalization, flexibility, and digitalization in learning.
Global M&A Market Recovery
Following a sharp slowdown in 2023, the global M&A market began showing signs of recovery in the first half of 2024. Total transaction value reached $1 trillion, still below the 10-year average of $1.5 trillion, but supported by improved macroeconomic conditions and rising investment confidence—reflected by the investment index increasing from 62 in August 2023 to 78.
Growth and Consolidation in the Training Sector: Key Players and Strategic Moves
In the training and education sector, growth dynamics have created fertile ground for M&A strategies. In France, fast-growing and tech-driven companies—as highlighted in the 2024 Champions of Growth ranking—demonstrate the strong consolidation potential within this evolving ecosystem.
- Educ-Up recorded an average annual growth of 161% between 2019 and 2022, making it an attractive target for investors.
- Edflex, following a €12 million funding round in 2023, and Superprof, with €24 million in revenue, also exemplify the sector’s consolidation momentum.
Thanks to their customer-centric and technology-enabled approaches, these companies are becoming prime targets for strategic acquisitions, enabling buyers to diversify offerings and strengthen competitiveness.
EdTech M&A Dynamics: Trends and Opportunities
The EdTech segment remains a core driver of innovation and deal activity in the broader education sector. As of 2023, France counted 540 EdTech companies, employing 15,000 people and generating €1.6 billion in revenue (+11% vs. 2021). Notably, 66% of this revenue came from professional training.
Although the market remains dynamic, fundraising has slowed, prompting companies to explore alternative growth models—particularly through strategic acquisitions.
In the face of mounting fundraising challenges, M&A offers a compelling path for accelerated, lower-risk growth. Instead of allocating time and capital to in-house development, companies can gain immediate access to proven technologies, customer bases, and operational synergies.
This approach shortens time to market, mitigates financial uncertainty, and allows better resource optimization. In a sector like EdTech—where speed and innovation are key—M&A serves as a powerful lever for securing growth and gaining competitive edge.
Generative AI: A Catalyst for Change in Training M&A
Generative AI is reshaping the training landscape by significantly accelerating content creation—cutting development time by up to 70%. Key players like OpenClassrooms and incubators such as EdTech Foundry are fostering innovation, supporting rising startups including CatnClever and Mediverse.
According to Morgan Stanley, generative AI could add up to $200 billion in value to the education sector by 2025, requiring approximately $6 billion in investment. This potential is attracting investor attention and fueling M&A strategies, as tech companies offering personalization and scalability become highly sought-after targets.
Notable M&A Deals in the Training and Education Sector in 2024
Several acquisitions in 2024 marked a strategic turning point for the sector, combining consolidation with digital innovation
In May 2024, Accenture acquired Udacity, enhancing its technological learning offer and enabling custom solutions to help clients upskill their teams—particularly in AI.
In November 2024, Rise Up acquired Yunoo, transforming corporate learning into a revenue driver by offering tools to monetize training content.
Syfadis expanded its offering by acquiring Callimedia, enriching its content portfolio and reinforcing its position as a strategic partner for large organizations seeking customized training solutions.
Kosmos, a provider of educational software, acquired LMS Factory to bolster its continuing education offering and extend its Moodle user base. Meanwhile, Mediactive Group acquired Vodalys, a video streaming specialist, to broaden its solutions for the events, media, and public sector segments.
These strategic moves strengthen the acquirers’ market positions in response to rising demand for digital and live learning, while emphasizing the importance of integrating advanced technologies to support corporate skill development.
Challenges and Outlook: Navigating a Shifting M&A Landscape
Despite these opportunities, several challenges persist:
- In France, the share of working-age individuals engaging in professional training dropped to 28% in 2023, a decline of 10 percentage points from 2022.
- Economic and geopolitical uncertainties continue to weigh on investor decision-making.
However, the outlook for 2025 remains positive. The ongoing adoption of educational technologies, increased integration of AI, and rising demand for flexible learning solutions are expected to drive market activity. Analysts forecast that M&A volumes could rise by 15% to 20%, assuming favorable economic conditions.
The sector has proven resilient, even amid macro pressures. Technology adoption, combined with a growing need for customization and agility, has reshaped corporate growth strategies. M&A is expected to remain a central lever for transformation—positioning the sector for sustained expansion in 2025.
“The education and training sector maintained its strong momentum in 2024, fueled by EdTech growth and AI adoption. While opportunities are plentiful, recent regulatory changes to CPF funding and work-study programs require rapid adaptation. On one hand, companies face tighter budgets and growing pressure to demonstrate quality and impact. On the other, reduced public subsidies compel them to rethink their value proposition and employee engagement strategies. Resilience and innovation will be key to navigating these shifts and building sustainable business models.”
– Philippe Bontemps, Sector Expert – Education & Training, AURIS Finance
