After a tumultuous 2019 that included a new CEO, layoffs and one final fundraise, Denver coworking and coding bootcamp company Galvanize has been acquired for $165 million.
Herndon, Va.-based education company K12 will acquire Galvanize in an all-cash transaction to expand the company's educational offerings past high school.
“Learning is a lifelong journey. This acquisition expands our vision for career education to go beyond high school by developing talent and capabilities for learners of all ages and backgrounds,” K12 CEO Nate Davis said in a statement. “Whether someone is discovering career options, trying to switch fields, honing their job skills, or learning new skills in pursuit of a new opportunity, we want to help ensure all learners have an equal shot at a rewarding career.”
At its eight campuses across the country, Galvanize offers a variety of bootcamps in software engineering and data science, as well as coworking space. Galvanize bootcamp graduates have gone on to work for more than 2,250 companies, including Amazon, Facebook, Google and Apple.
K12's solutions have served more than 12,000 students nationwide by powering Destinations Career Academies, which combine traditional high school academics with career technical education.
With this acquisition, K12 expects to build on its portfolio of curriculum, programs, platforms and technology.
“I am proud to join K12 in our shared goal to bridge the gap between industry demands and education. Together, we will prepare more learners to thrive in the modern digital economy,” Galvanize CEO Harsh Patel said in the statement. “The K12 team believes in Galvanize’s mission to teach industry-relevant skills and lifelong learning techniques. I’m looking forward to continuing our work to make people’s lives better and to make education more accessible and more affordable.”
Patel was named CEO in April. He originally joined Galvanize in 2018, when the company acquired coding bootcamp Hacker Reactor. Patel had previously served as Hack Reactor’s CEO.
In June, Galvanize laid off 27 employees across the country and 10 in Colorado in a move that Patel said was part of a push for self-sustainability.
Patel said the company saw opportunities to reduce staff and operating expenses to move toward a more sustainable model. Galvanize had about 375 total employees following the move.
In October, Galvanize raised about $13 million in what Patel told BusinessDen would likely be the company's last raise.
K12 plans to discuss details of the Galvanize acquisition on its second quarter fiscal year 2020 financial results conference call scheduled for this afternoon.
