COFIDES has approved a 2.75 million Euro Joint venture loan to Netex to acquire the UK company Virtual College (the holding company and its only active subsidiary) engaged in online training and specialised in training professionals.
Netex will thus offer a new learning experience using training programmes in a range of content formats and platforms that allow for the configuration of a bespoke learning path, including live sessions, interactions with teachers and multiple complementary services.
With this loan from the Fund for SME Foreign Investment Operations (FONPYME), the Galician company will undertake a total investment of close to 6.4 million Euros to round off its range of training services traditionally aimed at the education and corporate industries.
COFIDES Chairman, José Luis Curbelo, stated that “the COVID-19 pandemic has accelerated the growth of industries not affected by mobility and with strong digitalisation. In the case of the e-learning technology industry, Spanish companies are competing in the most demanding markets and are seeking opportunities to grow and successfully access highly internationalised markets at a time when the development of online skills has become essential”.
This is the second time COFIDES and Netex have teamed up. In 2020, it helped the company expand to the United States.
Carlos Ezquerro, Netex CEO, said that the “acquisition of Virtual College is an important milestone for the company in its internationalisation strategy and enriches its portfolio of online training technology solutions. Since becoming a listed company in 2017, we have had the support of several key partners, such as COFIDES, supporting and sharing our vision and passion to develop solutions that contribute to providing knowledge to all those who seek it”.
CONTRIBUTION TO THE SDGs
This project has a direct impact on SDG 4 (Quality Education). Online training significantly increases the number of young people and adults who have the necessary skills, particularly technical and vocational skills, to access employment, decent work and become entrepreneurs.
ABOUT NETEX
Netex is a technology-based company that offers a comprehensive ecosystem of cloud-based learning solutions for business, publishing and educational institutions. The company was founded in 1997 with the aim of making the use of learning technologies a part of every day life, by being straightforward and accessible to users. Netex has been listed on the Alternative Stock Market since 31st October 2017 and currently employs around 150 people in Europe and America, with products distributed in 35 countries.
ABOUT COFIDES
COFIDES, a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
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