The active period of mergers and acquisitions observed throughout 2020 extended into the weekend with Vista Equity Partners’ announcement of its purchase of Pluralsight for $3.5 billion.

This equates to $20.26 for each share of stock. The company’s stock finished trading on Friday at $18.50 per share, representing a market capitalization exceeding $2.7 billion.

Through the acquisition of Pluralsight, Vista gains an online education provider focused on the training of IT professionals, encompassing developers, operations specialists, data scientists, and security experts, through a comprehensive selection of online courses. The recent pandemic has spurred growth within the edtech sector, though a demand for online upskilling of IT professionals existed even prior to these events.

Monti Saroya, co-head of the Vista Flagship Fund and senior managing director at Vista, acknowledged this trend. He stated, “We have directly observed that the need for qualified software engineers continues to exceed the available talent pool, and we anticipate this situation will continue as we transition to a blended online and offline environment. Business leaders are increasingly recognizing that technological advancement is essential for achieving business objectives.”

Consistent with typical acquisitions, Pluralsight CEO Aaron Skonnard views this as an opportunity to accelerate the company’s expansion. “The extensive network of Vista’s leading enterprise software companies provides substantial resources and valuable experience that will create new opportunities and support our growth. We are excited to utilize Vista’s expertise to further solidify our position as a market leader,” Skonnard commented.

In a 2017 discussion with TechCrunch’s Sarah Buhr, Skonnard characterized the company as an enterprise SaaS learning platform. Beyond simply providing courses, the platform enables professionals within specific fields, such as development or IT operations, to evaluate their skills and compare them to those of their peers. He identified this assessment functionality as a key advantage.

“Our platform is fundamentally designed to address the global shortage of technology skills,” Skonnard explained to Buhr.

Founded in 2004, Pluralsight secured over $190 million in funding prior to its initial public offering in 2018. The company employs 1,700 individuals and serves more than 17,000 customers. The acquisition is contingent upon standard regulatory approvals and is projected to be finalized in the first six months of the coming year, at which point the company will return to private ownership.