Progress Group's Turnover Soars with Tech Acquisitions

Deal News | Nov 12, 2024 | Business Cloud

Progress Group's Turnover Soars with Tech Acquisitions

The Progress Group, headquartered in Liverpool, has achieved record revenue and team growth following a £12m investment in technology. This investment propelled the group to increase its team by over a quarter, reaching 247 employees, and attain a £15m turnover. The group's expansion strategy included the acquisition of tech companies such as Grey Matter Learning, AC Education, and MyWorkMode, which led to the creation of their new digital platform, Flourish. Eammon Price, the Chief Financial Officer, credited the acquisition strategy and internal tech developments for this growth phase, part of preparing the Group for future expansion. Jayne Worthington, Chief Executive of The Progress Group, expressed ambitions of utilizing their enhanced technology and skilled personnel to continue changing lives through education and workforce development. The group, supporting over 140,000 people and businesses annually, comprises entities like Progress Schools, Progress Careers, Complete Skills Solutions, and the newly branded Flourish.

Sectors

  • Education Technology (EdTech)
  • Workforce Development

Geography

  • United Kingdom – The Progress Group is headquartered in Liverpool, UK, and its operations and growth are centered here.

Industry

  • Education Technology (EdTech) – The Progress Group's investment in technology and acquisitions of tech companies like Grey Matter Learning indicate their involvement in the EdTech sector.
  • Workforce Development – The group's mission and expansion into workforce development through entities like Progress Careers highlight their presence in this sector.

Financials

  • £12m – Investment in technology and acquisitions by The Progress Group.
  • £15m – Achieved turnover by The Progress Group following the investment and acquisitions.
  • 1.5bn – Unrelated financial reference to iwoca investment.

Participants

NameRoleTypeDescription
The Progress GroupTarget CompanyCompanyAn education and workforce development specialist investing heavily in technology to drive growth.
Grey Matter LearningAcquired CompanyCompanyA tech company acquired by The Progress Group as part of their expansion strategy.
AC EducationAcquired CompanyCompanyA company within the education technology sector acquired by The Progress Group.
MyWorkModeAcquired CompanyCompanyA tech company focusing on work modes, acquired by The Progress Group.
Eammon PriceChief Financial OfficerPersonCFO of The Progress Group, involved in the investment and acquisition strategy.
Jayne WorthingtonChief Executive OfficerPersonCEO of The Progress Group, steering the group's ambitious growth plans.