Austin-based workplace training company Alchemy Systems said Friday it has agreed to be acquired by London-based Intertek Group.
The deal is valued at $480 million and is expected to close in the third quarter, Intertek Group said.
Alchemy Systems will remain in Austin and will operate as a wholly owned subsidiary of Intertek Group. Alchemy CEO Jeff Eastman will remain as the company’s leader and will report to Gregg Tiemann, Intertek Group’s executive vice president for North America.
“The Intertek acquisition will further accelerate growth in our Austin headquarters. Alchemy is already the largest training and communications platform in the food, restaurant and retails sectors, so the brand will remain and our operations will continue to expand,” Eastman said in a written statement. “We continue to hire talented folks in Austin, and have many positions open in software development, sales and support. There will also be more opportunities for Alchemists to advance their careers as Intertek helps us expand internationally.”
Founded in 2003, Alchemy Systems provides workplace training for the food and retail sectors. Alchemy’s training courses and software are used by more than 3 million employees at more than 50,000 locations, the company said. Clients have included including Kellogg’s, Ocean Spray, Shake Shack, Home Depot and Macy’s, according to the company. Alchemy has about 270 employees at four locations across the United States and Canada.
Alchemy Systems is projected to have $66 million in revenue for full-year 2018, Intertek Group said in a news release.
Intertek Group is a publicly traded product testing and certification company with operations in more than 100 countries and more than 43,000 employees. The company reported more than $3 billion in revenue in 2017.
In a written statement, Intertek Group CEO André Lacroix said: “As corporations around the world increase their focus on quality, safety, productivity and compliance, closing skills-gaps to deliver only the highest customer service standards has become mission critical for clients. Alchemy’s unique tailored learning software helps to close the loop, identifying and plugging these gaps quickly and efficiently.”
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