Bellevue-based coding bootcamp startup Coding Dojo has been acquired by for-profit university operator Perdoceo Education Corp. (Nasdaq: PRDO).
Perdoceo on Thursday disclosed the acquisition, which closed Dec. 1, in its 2022 annual report filed with the Securities and Exchange Commission. According to the filing, Perdoceo paid $52.8 million upfront for Coding Dojo, but the deal could be worth an additional $15 million if certain financial metrics are met.
"As we look to 2023, we will continue to optimize investments in technology that will drive operational efficiencies across our academic institutions," Andrew Hurst, CEO of Perdoceo, said in a release with the company's fourth quarter 2022 earnings, also released Thursday.
Perdoceo, founded in 1994, operates American InterContinental University, Trident University International and Colorado Technical University (CTU), which is the new home for Coding Dojo. Perdoceo says it employs more than 5,000 staff members. The company is headquartered in the Chicago area.
CTU is an open enrollment university, meaning the school doesn't use assessment testing or grade point averages to restrict admissions. Students need to complete high school to enroll. CTU offers degrees in subjects like accounting, psychology and computer science. It has campuses in Colorado Springs and Aurora, Colorado. On Coding Dojo's website, the company calls itself part of CTU.
Coding Dojo, founded in 2013, teaches courses in data science, software development and cybersecurity. The courses generally last multiple months but vary depending on the course and whether students are full time. Coding Dojo's classes cost between roughly $10,000 and $17,000.
In June, Coding Dojo raised $10 million in venture debt. Co-founder and CEO Richard Wang said at the time the company had about 210 employees. Coding Dojo started reopening its campuses last year after shutting them down due to the Covid-19 pandemic.
"By the end of this year, we have the ambition to expand to 30 other countries," Wang said in June. "We are investing heavily in learning science, and we are continuing to launch new products."
