Jones Day has advised Kaplan Inc. in its acquisition of the entire issued share capital of Red Marker Pty Ltd.
A giant in the global professional education industry, the Florida-headquartered Kaplan, which has annual revenue of around $US2 billion ($2.6 billion), plans to roll out Red Marker’s Artemis system to more than 1 million students in 30 countries around the world, including many major banks. The deal means Australian artificial intelligence technology will be playing a major role in efforts to improve bank culture globally.
The financial terms of the deal, which will see Red Marker become a wholly owned subsidiary of Kaplan, have not been disclosed.
Red Marker was founded by Matt Symons, co-founder of peer-to-peer lender SocietyOne, his wife Mandy Symons, and Julian Broudou, a software developer. All will be staying with the company under Kaplan; so will all the engineering staff.
The acquisition points to a looming transformation of professional education delivery, as content shifts from static syllabuses to dynamic programs which deliver learning material based on real-time monitoring of staff performance.
Jones Day has advised Kaplan Inc. in its acquisition with a team led by partner Mark Crean (picture), assisted by associate Thomas Stack.
Law Firms: Jones Day;
Clients: Kaplan Inc.;