Xerox is acquiring Intrepid’s outsourcing and professional services business to bolster its own Learning Services unit, which helps companies manage their internal talent and employee learning programs like live classroom sessions and e-learning.
Meanwhile, Intrepid is spinning off its next-generation learning platform into an independent company. After selling its non-technical unit to Xerox, Intrepid will focus on building out its cloud-based, self-directed instructional program and corporate MOOC tool as a standalone entity.
Intrepid was co-founded in 1999 by CEO Sam Herring, who helped build the company into a successful provider of employee training programs to clients like Boeing, Google, Facebook, and Microsoft. The company recently added a more tech-focused aspect to its business, which it is now spinning out following the deal with Xerox.
“Over the last year or so, we’ve given a lot of thought to what the needs of our very distinct parts of the business are,” Herring said. “We were committed to finding a great home for our services business as we focused on our technology, which is getting very rapid adoption and attracting the best brands.”
Xerox will become a strategic partner to the new Intrepid Learning Inc. Herring wouldn’t disclose financial details from the deal but said that “we are delivering a return for our investors on this sale.” Intrepid Learning’s investors include Madrona Venture Group, FTV Capital, Rustic Canyon, and Montlake Capital.
About two-thirds of Intrepid’s 260 employees will now work for Xerox, but won’t need to relocate. The remaining employees will stay on with Intrepid.