Ann: Tesserent Academy acquires ALC Group, page-4

Hmmm not really sure what to make of this, I think there will be strong demand in general for this sort of training but it seems to be non-core business which worries me a bit. Will be interested in peoples view would partnering be better or buying, and do TNT have a skills to run this business. I am also not across the multiples for a training company but I would have thought lower. Also I notice going to the ALC web site it is not really a security training house but a generic IT training house which includes Cyber

Pros
- hot topic and I imagine a lot of demand
- Can use for own internal training
- lots of IP

Cons
- Not aligned to management key skill sets
- In a poor economic market training gets cut early (albeit cyber may avoid this)
- Close to point 2, I think people change providers easily and I think there will be lots of small shops.
- Potential poor allocation of funds compared to core market on Cyber


So to repeat not sure if anything slightly negative but only slightly, I would be very interested if people here know of successful tech and training houses ? or better insights into multiples of training houses (not start ups or early stage but longer ones).