Kaplan, Inc. a premier provider of educational and career services for individuals, schools and businesses, has announced that it is expanding its financial services testing capabilities by acquiring UK-based Financial Training Company (FTC) for about $90 million.
FTC trains over 25,000 students in the United Kingdom, Hong Kong and Singapore for a number of financial services organizations including the ACA(TM) (Institute of Chartered Accountants), ACCA(R) (Association for Chartered Certified Accountants) and CIMA(TM) (Chartered Institute of Management Accountants), as well as tax qualification programs and courses for investment professionals.
"FTC has significant compatibility with Kaplan's financial service businesses, and holds quality relationships with many of the same clients we have in the U.S.," said Jonathan Grayer, Kaplan chairman and chief executive officer. "This acquisition will broaden our menu of offerings, as well as the geographic distribution of our financial service products. We look forward to working with FTC's top-notch management team."
Kaplan and FTC have had a working relationship for a while, with FTC offering Kaplan's Chartered Financial Analyst(R) training and products across Europe and Asia.
The acquisition is the second largest in Kaplan's history, and is the first outside of the United States. Kaplan, Inc., which is owned by The Washington Post Company, recorded $621 million in revenues last year.