BTS Group to Acquire Rapid Learning Institute, a Business-Focused Microlearning Provider
By Henry Kronk
January 06, 2020
On January 6, the Stockholm-based business strategy and development company BTS Group announced they had agreed to acquire Rapid Learning Institute. The Philadelphia-based company offers a wide library of business- and sales-focused microlearning videos. Details of the deal were not disclosed.
Rapid Learning Institute was founded in 2008 and has developed a collection of articles and seven-to-eight minute videos to deliver training on topics of sales and leadership. Besides a set of free offerings, the company provides access to the material either via subscription or specific set licenses.
Bringing Microlearning to Sales and Leadership: What Rapid Learning Institute has to Offer BTS Group
They combined an emphasis on editorial quality with strong B2B writing experience. As they explain on their site, “A major milestone in our company’s evolution occurred in 2011 when an editor did something no one had ever done before. He came to a script meeting with a draft that referred to an academic study. Our team instantly recognized the extraordinary power of research. Training is of course about changing behavior. Research gives credibility to the message and creates urgency to change behavior. We never wrote another script that did not contain research.”
In a press release announcing the acquisition, the company stated revenues of $2.8 million in the past year.
BTS Group, meanwhile, was founded in Sweden in 1986 and has continued to grow both organically and through numerous acquisitions. They currently provide consulting and strategy services to businesses in numerous different industries, including energy, consumer products, insurance, biotech, retail, and telecom.
“We are delighted to welcome Rapid Learning to BTS,” said BTS founder and CEO Henrik Ekelund, in a statement. “This team creates impressive results for their clients through a comprehensive content library combined with a proven approach to leadership and sales learning in the flow of work. Together we will become an even stronger partner in the marketplace and accelerate our growth.”
BTS says it will acquire the “operations” and “assets of Rapid Learning.” This includes Rapid Learning’s existing client-base. Rapid Learning’s upper management (CEO and President Stephen Meyer, VP of Sales and Marketing Rob Krekstein, and VP of Editorial Michael Boyette) will also join BTS.
“We are truly excited to become a part of the BTS family,” Meyer said in a statement. “We share the same approaches and points of view, which will make for an excellent fit. Being part of a global firm will also be a great opportunity for our customers and colleagues.”
Microlearning Is Growing in Acceptance in the Corporate Sphere
Microlearning arguably got its start in secondary and post-secondary education, with pioneers like Khan Academy gaining millions of users with short video explainers.
But the form of learning has since grown increasingly popular in corporate and business training in recent years. And business solutions providers have increasingly eyed microlearning developers for their services or even to acquire their resources outright.
In 2018, Cornerstone OnDemand (a human resource management SaaS provider) acquired Grovo (a microlearning content platform) for $24 million in cash.
Meanwhile, Axonify, another microlearning SaaS and content provider for corporate environments, has raised $27 million in funding to date.
eLearning Inside’s Sherman Morrison has covered the topic in depth over numerous posts.
Featured Image: Raphael Andres, Unsplash.