Pearson PLC 6-K, filed Dec 19, 2022
Pearson PLC (PSO)
6-K
2022-12-19
For: 2022-12-19
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Added on
July 04, 2026
About this 6-K
Pearson PLC filed this 6-K on December 19, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the
month of December 2022
PEARSON plc
(Exact
name of registrant as specified in its charter)
N/A
(Translation
of registrant's name into English)
80 Strand
London, England WC2R 0RL
44-20-7010-2000
(Address
of principal executive office)
Indicate
by check mark whether the Registrant files or will file annual
reports
under
cover of Form 20-F or Form 40-F:
Form
20-F
X
Form 40-F
Indicate
by check mark whether the Registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934
Yes
No X
Pearson to Acquire Workforce Assessment Provider,
PDRI
Acquisition to significantly expand Pearson's services to U.S.
Federal Government
LONDON: 19 December 2022 - Pearson
today announces it has entered into an agreement with SHL Group to
acquire Personnel Decisions Research Institutes, LLC ('PDRI'), a
trusted provider of workforce assessment services. PDRI has
significant expertise in providing assessment solutions to the U.S.
federal government, one of the largest employers in the U.S. with
more than 4 million employees. This
acquisition further expands Pearson's portfolio, accelerating the
Company's strategy to capture new market opportunities and grow its
presence with large employers.
Founded in 1975, PDRI has built a strong reputation for delivering
quality talent assessments, including tailored assessments to
support hiring practices for U.S. federal government agencies. The
acquisition significantly expands Pearson's services to U.S.
federal agencies, including through PDRI's partnership with the
Office of Personnel Management to deliver the USA Hire platform.
The USA Hire platform serves more than 40 agencies and is utilised
to assess more than 500,000 applicants annually.
PDRI will join Pearson's Assessment & Qualifications division.
Within this division, Pearson and PDRI already have an established,
strong working relationship, partnering to deliver assessments to
federal jobseekers at Pearson VUE test centers. This acquisition
unlocks synergies between Pearson and PDRI, whilst bringing new
capabilities for Pearson to explore as the company grows its
long-standing enterprise learning presence.
The consideration for PDRI represents an enterprise value of $190m,
which will be funded from Pearson's existing cash and available
liquidity. PDRI has a highly attractive financial profile with an
impressive revenue growth opportunity, good margins and strong cash
flow conversion. In the year ending December 2021, PDRI recognised
revenues of $33m and delivered EBITDA CAGR of 12% from 2018-2021.
The acquisition will be accretive to growth and margins for our
Assessment & Qualifications division, as well as driving
returns for shareholders.
Completion of the acquisition is expected to occur during H1 2023
subject to regular closing conditions, including any required
regulatory filings or approvals.
Andy Bird, Chief Executive of Pearson, said: "We are pleased to
have the opportunity to expand this important market for Pearson
and our assessments business. Pearson and PDRI share a culture and
commitment of serving trusted, secure, and innovative assessment
solutions to major employers and millions of people looking to
establish and grow their careers. Together, we will have a stronger
proposition and a larger platform from which to drive future
growth."
Elaine Pulakos, Chief Executive Officer of PDRI said: "Pearson has
an excellent reputation in the assessments field, and we are
excited to become a part of their growth strategy. There is a
significant opportunity to learn from each other to further improve
our products and reach more customers with our proven assessment
and talent solutions."
###
Contacts:
Investor Relations Jo
Russell +44 (0) 7785 451 266 / James Caddy +44 (0) 7825 948 218 /
Gemma Terry +44 (0) 7841 363 216
Teneo Charlie Armitstead
+44 (0) 7703 330 269
Forward looking statements:
Except for the historical information contained herein, the matters
discussed in this statement include forward-looking statements. In
particular, all statements that express forecasts, expectations and
projections with respect to future matters, including trends in
results of operations, margins, growth rates, overall market
trends, the impact of interest or exchange rates, the availability
of financing, anticipated cost savings and synergies and the
execution of Pearson's strategy, are forward-looking statements. By
their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that will occur in future. They are based on numerous
assumptions regarding Pearson's present and future business
strategies and the environment in which it will operate in the
future. There are a number of factors which could cause actual
results and developments to differ materially from those expressed
or implied by these forward-looking statements, including a number
of factors outside Pearson's control. These include international,
national and local conditions, as well as competition. They also
include other risks detailed from time to time in Pearson's
publicly-filed documents and you are advised to read, in
particular, the risk factors set out in Pearson's latest annual
report and accounts, which can be found on its website
(www.pearsonplc.com). Any forward-looking statements speak only as
of the date they are made, and Pearson gives no undertaking to
update forward-looking statements to reflect any changes in its
expectations with regard thereto or any changes to events,
conditions or circumstances on which any such statement is based.
Readers are cautioned not to place undue reliance on such
forward-looking statements.
About Pearson
At Pearson, our purpose is simple: to add life to a lifetime of
learning. We believe that every learning opportunity is a chance
for a personal breakthrough. That's why our c.20,000 Pearson
employees are committed to creating vibrant and enriching learning
experiences designed for real-life impact. We are the world's
leading learning company, serving customers in c.200 countries with
digital content, assessments, qualifications, and data. For us,
learning isn't just what we do. It's who we are. Visit us at
pearsonplc.com
About PDRI
Since 1975, PDRI has built a global reputation of excellence by
designing, developing and implementing high-quality, innovative
talent management solutions that adhere to the highest principles
of professional practice. PDRI's suite of integrated talent
management solutions helps government and commercial clients hire,
train, develop, manage and motivate high-performance organizations.
For more information visit www.pdri.com.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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PEARSON
plc
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Date: 19
December 2022
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By: /s/
NATALIE WHITE
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Natalie
White
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Deputy
Company Secretary
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