Combination to Create a Leading Labor Market
Analytics Company
Burning Glass Technologies (“Burning Glass”) today announced it
is merging with Emsi to create a leading labor market analytics
firm. As part of the transaction, Burning Glass’ largest investor,
KKR, is making a follow-on investment in the combined company, and
Strada Education Network, Emsi’s current owner, will be exiting its
investment. Financial terms of the transaction were not
disclosed.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210614005192/en/
The combination of Burning Glass and Emsi will bring together
two premier, complementary sources of labor market data to provide
insight into the changing workforce for clients including
corporations, government agencies, and higher education
institutions.
Burning Glass has one of the world’s largest real-time,
proprietary databases of job openings and career histories, with
data collected from more than 40,000 sources daily and in more than
30 countries. Emsi is a leader in combining government and
real-time labor market data, customer support, and product
development in labor analytics. The newly formed company will bring
together the best of both organizations, empowering even more
individuals and companies to navigate the large changes in the
labor market, including technological disruption.
The combined company will be called Emsi Burning Glass and will
be led by Burning Glass CEO Matt Sigelman, with Andrew
Crapuchettes, former CEO of Emsi, serving as a strategic advisor to
the Board of Directors. Emsi’s recently built headquarters in
Moscow, ID, will continue to be a major hub for the business, along
with Burning Glass’ headquarters in Boston, MA.
“Burning Glass and Emsi are two companies with a common mission:
to unlock opportunity, mobility, and equity for everyone. We are
deeply committed to the dignity and value of work, as well as to
ensuring that employers, educators, governments, and workers are
ready to meet the rapidly changing future,” said Matt Sigelman.
“Our complementary capabilities in data analytics and product
development will give us the scale and resources to deliver even
greater value to our customers through new, enhanced products. We
are looking forward to working together to continue to drive
transformative change in the labor market.”
“For two decades I have been honored to lead Emsi and see our
workforce grow from a small group into nearly 300 of the finest
employees any CEO could ask for,” said Andrew Crapuchettes. “Our
team has set the standard for customer service and data analytics
in a continual effort to bless our customers. I know they will
thrive in this new, combined company, and I look forward to seeing
them reach even greater heights.”
“The world of work continues to undergo seismic changes as a
result of automation and the COVID-19 pandemic, and combating the
resulting labor market challenges has become an economic and social
necessity. We believe the combination of these two industry leaders
will be uniquely positioned to address these unprecedented
challenges and we look forward to supporting them as they do,” said
Kyle Matter who leads KKR’s Global Impact team in North
America.
“Strada Education Network is a doing, learning, and sharing
network. Our investment in Emsi was emblematic of this: We made the
investment, learned firsthand of the value of labor market data in
informing our work and that of our partners, and are now stepping
aside so the newly combined organizations can have the scale,
resources, and runway to deliver on their impact,” said Tom Dawson,
Strada interim president and CEO. “We, in turn, will continue to
focus on deploying our resources to advance our nonprofit mission
of improving lives through clearer and more purposeful pathways
between education and employment.”
KKR is making its follow-on investment in the combined company
from its Global Impact Fund, which is focused on identifying and
investing behind companies whose core business models provide
commercial solutions that contribute measurable progress toward one
or more of the United Nations Sustainable Development Goals (SDGs).
By providing the data to drive lifelong learning and market-aligned
training, Burning Glass and Emsi are delivering measurable progress
in achieving two of the United Nations SDGs: Quality Education, and
Decent Work and Economic Growth.
Macquarie Capital is acting as financial advisor and Kirkland
& Ellis as legal advisor to Burning Glass. Piper Sandler is
acting as financial advisor and Taft as legal advisor to Emsi.
About Burning Glass Technologies Burning Glass
Technologies is a leading global authority on the market for talent
and the growing skills-based economy. The company’s software, APIs,
and cutting-edge research help companies ready their workforces for
the future, connect education and training programs to the job
market, spur equitable economic growth for local and national
governments, and empower workers and learners to unlock opportunity
and mobility. Powered by artificial intelligence that analyzes
billions of job openings and career histories, Burning Glass’
ontology of tens of thousands of skills and jobs is becoming the
common language of the workforce – defining roles, tracking a
rapidly changing market, and matching people with jobs. Through
Burning Glass’ efforts, the company hopes to give everyone the
opportunity to find meaningful work and advance their career.
Burning Glass’s team spans four continents and supports clients
across over 30 countries. To learn more about Burning Glass, please
visit www.burning-glass.com or follow us on Twitter and
LinkedIn.
About Emsi Founded in 2001, Emsi is an industry-leading
economic data and analytics firm, specializing in labor market
data, analyses, and consulting services for employers, higher
education institutions, and economic/workforce development
professionals. Emsi data and analytics are used by leading
businesses and institutions world-wide to understand shifting
talent markets and labor trends, and to promote economic prosperity
in their regions. Emsi is headquartered in Moscow, Idaho, with an
office in Basingstoke, UK. To learn more about Emsi, visit
www.economicmodeling.com.
About KKR KKR is a leading global investment firm that
offers alternative asset management and capital markets and
insurance solutions. KKR aims to generate attractive investment
returns by following a patient and disciplined investment approach,
employing world-class people and supporting growth in its portfolio
companies and communities. KKR sponsors investment funds that
invest in private equity, credit and real assets and has strategic
partners that manage hedge funds. KKR’s insurance subsidiaries
offer retirement, life and reinsurance products under the
management of The Global Atlantic Financial Group. References to
KKR’s investments may include the activities of its sponsored funds
and insurance subsidiaries. For additional information about KKR
& Co. Inc. (NYSE: KKR), please visit KKR’s website at
www.kkr.com and on Twitter @KKR_Co.
About Strada Education Network Strada Education Network
is a new kind of nonprofit social impact organization dedicated to
improving lives by forging clearer and more purposeful pathways
between education and employment. Strada’s approach combines
innovative research, thought leadership, strategic philanthropy,
mission-aligned investments, and a network of affiliate
organizations. Together, they work to better serve millions of
individuals in the United States seeking to complete postsecondary
education and training, gain clear value from those experiences,
and build meaningful careers. Learn more at
stradaeducation.org.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210614005192/en/
For Burning Glass: Scott Bittle (617) 804-1549
media@burning-glass.com
For Emsi: Tim Clark (208) 883-3500
tim.clark@economicmodeling.com
For KKR: Cara Major or Miles Radcliffe-Trenner (212)
750-8300 media@kkr.com
For Strada: Amy Dunham (317) 806-8193
newsmedia@stradaeducation.org
KKR (NYSE:KKR)
Historical Stock Chart
From Aug 2024 to Sep 2024
KKR (NYSE:KKR)
Historical Stock Chart
From Sep 2023 to Sep 2024