Provo, Utah – July 2, 2014 – VitalSmarts today announced it has agreed to be acquired by Providence Equity Partners, marking the beginning of a new phase of growth in the company’s history. The investment from Providence will accelerate VitalSmarts’ corporate growth initiatives and further the company’s mission to change lives in a more rapid, powerful, and sustainable way. Financial terms of the transaction were not disclosed.
“Today is a happy day for all who have been involved in building this incredible company,” said Andrew Shimberg, CEO of VitalSmarts. “With their strong, established platform in the industry and deep financial and operational expertise, Providence is an ideal partner to help us achieve our long-term vision, which includes: increasing the company’s already strong growth; expanding the number of people trained in the company’s award-winning Crucial Conversations, Crucial Accountability, Influencer, and Change Anything courses; adding to VitalSmarts product lines through expanded research and development; and changing millions of people’s lives for good.”
Shimberg will continue to lead the company as CEO and the VitalSmarts leadership team will remain the same. Cofounders/authors Joseph Grenny, David Maxfield and Kerry Patterson will continue to provide intellectual property leadership, research and new content. Al Switzler and Ron McMillan will continue in significant advisory roles.
“This is a new and exciting chapter for our company,” said Joseph Grenny, VitalSmarts cofounder. “Our future will be a blend of leveraging the unique and independent VitalSmarts brand while gaining synergy of being part of a larger family of offerings.”
An innovator in corporate training and leadership development, VitalSmarts is home to the award-winning Crucial Conversations, Crucial Accountability, Influencer, and Change Anything Training and New York Times bestselling books of the same titles. When used in combination, these courses enable organizations to achieve new levels of performance by changing employee behavior. VitalSmarts has consulted with more than 300 of the Fortune 500 companies and trained more than one million people worldwide.
About Providence Equity Partners:
Providence is the world’s leading private equity firm focused on media, communications, education and information investments. The firm manages funds with $40 billion in commitments and has invested in more than 140 companies globally since its inception in 1989. Headquartered in Providence, Rhode Island, the firm has a global presence with offices in New York, London, New Delhi, Hong Kong and Beijing.
For further information on Providence Equity Partners, please contact: Mr. Andrew Cole, 1-212-687-8080, or firstname.lastname@example.org.