RM plc today announces that it has completed the sale of RM Educational Resources Ltd, the operator of the Group’s TTS Business, to Eduviva Group for a total enterprise value of up to £53.5 million.
The sale fully aligns with RM’s strategy to simplify the business, reduce net debt, and focus on its continuing group as a pure-play EdTech business. The accelerating global transition to digital assessment currently presents the most significant growth opportunity for RM, underpinned by the RM Ava platform and long-term customer relationships within its Assessment business. In parallel, RM will continue to pursue opportunities for its Technology business, building on an established position in schools to expand further into other areas of education and the broader public sector.
TTS designs, develops and creates innovative, curriculum aligned educational resources that make learning engaging, inclusive, and hands on. Eduviva Group intends to support TTS’ growth plans and further develop its customer base overseas.
Proceeds from the sale will be used to reduce RM’s net debt, a key priority as previously announced. The reduction of net debt (including lease liabilities) by approximately half to circa £34m makes RM financially stronger with a more normalised level of debt. Lenders continue to be supportive of RM’s strategy.
RM will continue with its vision to improve educational outcomes around the world, now with a sharper focus.
Mark Cook, Chief Executive RM commented:
“Today’s announcement is yet another important milestone in the transformation of RM plc. The sale of TTS will simplify our business, significantly reduce RM’s net debt position, enabling us to capitalise on the high growth, global opportunities in digital assessment and to enhance our educational IT services business.
We are pleased to have found a buyer for TTS which is familiar with the business. With a number of their brands having acted as key distributors, we believe Eduviva Group is well-placed to build on the success TTS has enjoyed over many years.
I would like to thank all my TTS colleagues for their commitment over the years. Today’s announcement is a testament to their hard work and the fundamental strengths of the TTS business.”
Read the full Regulatory News Service announcement
