Dig­i­tal Mar­ket­ing In­sti­tute sells stake to VC

Irish Independent - Business Week - - BUSINESSWEEK - El­lie Don­nelly

IRE­LAND’S Dig­i­tal Mar­ket­ing In­sti­tute has sold what is un­der­stood to be a ma­jor­ity stake in the busi­ness to a ven­ture cap­i­tal firm that has pre­vi­ously backed Sur­veyMon­key and Bitly.

Spec­trum Eq­uity, based in Bos­ton and San Fran­cisco, will in­vest €26m in the Dig­i­tal Mar­ket­ing In­sti­tute in a deal to ac­cel­er­ate global growth, the two com­pa­nies said yes­ter­day. The pri­vate­ly­owned Dublin-based Dig­i­tal Mar­ket­ing In­sti­tute pro­vides global cer­ti­fi­ca­tion stan­dards in dig­i­tal mar­ket­ing and dig­i­tal sales ed­u­ca­tion.

To date more than 18,000 pro­fes­sion­als in 115 coun­tries have com­pleted its pro­gramme.

Since 2014, the Dig­i­tal Mar­ket­ing In­sti­tute has in­creased sales by 73pc an­nu­ally on the back of strong up­take of its on­line and cor­po­rate learn­ing pro­grammes, as well as li­censed cour­ses of­fered via a net­work of more than 100 ed­u­ca­tion part­ners glob­ally, the com­pany said.

Adam Mar­golin and Parag Khan­del­wal of Spec­trum Eq­uity will be join­ing the Dig­i­tal Mar­ket­ing In­sti­tute’s board of di­rec­tors.

Ted Weiss­berg, for­mer CEO of ACAMS which was ac­quired for $ 330m last year, will join the board as ex­ec­u­tive chair­man to work along­side Ken Fitz­patrick, who will stay on Dig­i­tal Mar­ket­ing In­sti­tute CEO.

“There is an ur­gent need for dig­i­tal mar­ket­ing and dig­i­tal sales ed­u­ca­tion for pro­fes­sion­als,” said Adam Mar­golin of Spec­trum Eq­uity.

“The Dig­i­tal Mar­ket­ing In­sti­tute is uniquely po­si­tioned to ad­dress this grow­ing global skills gap through its in­no­va­tive, in­dus­try-val­i­dated cer­ti­fi­ca­tion pro­grammes.

“We are ex­cited to part­ner with Ken Fitz­patrick, Ted Weiss­berg and the rest of the Dig­i­tal Mar­ket­ing In­sti­tute team as we look to scale the busi­ness glob­ally and build the lead­ing train­ing and cer­ti­fi­ca­tion provider for sales and mar­ket­ing pro­fes­sion­als across all in­dus­tries.

“While we are very proud of the in­ter­na­tional growth achieved by the Dig­i­tal Mar­ket­ing In­sti­tute to date through self-fund­ing, we recog­nise the po­ten­tial scale that can be re­alised with in­vest­ment.”

“Spec­trum Eq­uity has a great track record in edtech and dig­i­tal mar­ket­ing technology spa­ces, and with Ted Weiss­berg’s sig­nif­i­cant ex­pe­ri­ence scal­ing a sim­i­lar pro­fes­sional learn­ing and cer­ti­fi­ca­tion busi­ness, I’m con­fi­dent this is the right in­vest­ment part­ner­ship to re­alise our global am­bi­tions,” Mr Fitz­patrick said.

Spec­trum Eq­uity has a great track record in edtech

Danes­fort Park, a La­gan Homes de­vel­op­ment in Belfast

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