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Capella Acquisition of DevMountain Extends Leadership Position in Job-Ready Skills Market

MINNEAPOLIS, May 04, 2016 (BUSINESS WIRE) -- Capella Education Company CPLA, -0.59% today announced that DevMountain, an industry-leading coding school, has become a wholly-owned subsidiary of Capella Education Company. DevMountain’s mission is to be the most accessible and impactful software coding school in the country by bringing affordability to the highest quality, hands-on education in the software coding industry. Following Capella’s recent partnership with CareerBuilder [®] called RightSkill [SM] and acquisition of Hackbright Academy, DevMountain represents a complementary platform on which to extend Capella’s leadership position in the job-ready skills market.

“Whether through innovative post-secondary degrees or job-ready skills, individuals in this economy are looking for the most direct path between learning and improved employment outcomes without any wasted time, money or effort,” said Kevin Gilligan, Capella Education Company chairman and chief executive officer. “DevMountain’s affordable, high-quality, and leading-edge programs represent a critical link in the chain of providing consumers with innovative options to advance their careers. RightSkill [SM] , Hackbright, and DevMountain all serve distinct parts of the employment market and together expand Capella’s portfolio of offerings in the job-ready skills space as we look to accelerate growth.”

“Partnering with Capella is the next step for us to expand our reach of changing lives by teaching modern technical skills in demand by today’s fast-paced high-tech employers,” said Cahlan Sharp, DevMountain’s co-founder and chief executive officer. “We are passionate about coding and seek to expand our reach to more students including through online delivery options, leveraging Capella’s deep online capabilities.”

The transaction closed on May 4, 2016 for a purchase price of up to $20 million, of which $15 million was paid in cash at closing with up to an additional $5 million to be paid over a three-year period pending the achievement of certain annual revenue and operating performance metrics. For 2016, we expect DevMountain to contribute up to a point of revenue growth to Capella Education Company’s results and...