Phoenix Education Partners agrees to acquire Fuel50
The $31.5m deal would bring Fuel50’s workforce intelligence and talent marketplace business into the parent company of the University of Phoenix.
Phoenix Education Partners has agreed to buy Fuel50, whose platform helps employers map workforce skills and support internal career development.
Phoenix Education will pay about $31.5 million in cash, subject to adjustments, according to a US regulatory filing. Fuel50’s former shareholders could receive up to another $8.5 million through 2027 if the business meets agreed performance targets.
Fuel50 helps employers assess the skills they already have and identify future needs. Its talent marketplace links employees with internal vacancies, career paths and development opportunities.
Phoenix Education owns the University of Phoenix, which provides education for working adults. The companies have not announced plans to integrate their products, but say they will explore how Fuel50’s capabilities could complement the education business.
Fuel50 is expected to keep serving enterprise customers under its existing brand if the transaction goes ahead. Jo Mills, its co-founder and president, is expected to become chief executive, succeeding co-founder Anne Fulton.
The companies said they expected the deal to close within 30 days of their 17 September announcement, subject to conditions including approval from Fuel50 shareholders.