Tech startup Galvanize sells Phoenix and 7 other campuses for $165M
PHOENIX – Tech startup Galvanize, which entered the Phoenix market three years ago, has been sold to an online education company for $165 million, the buyer announced Monday.
Virginia-based K12 Inc., planned to pay cash for Galvanize’s eight campuses. The downtown Phoenix site opened at Fifth and Grant streets and is the third-largest of the facilities.
Galvanize, headquartered in Denver, Colorado, specializes in coding bootcamps, other tech-driven training and coworking spaces.
“This acquisition expands our vision for career education to go beyond high school by developing talent and capabilities for learners of all ages and backgrounds,” Nate Davis, K12’s CEO and board chairman said in a statement.
The education company was established 20 years ago. Its career academies help more than 13,000 students with traditional schooling and technical education. The deal will give K12 access to adult learners, data science and software engineering.
Earlier this month, Galvanize revealed it was partnering with the U.S. Air Force on accelerated tech skills training.
Education/tech outlet EdSurge reported Davis said in an earnings call after the announcement, “For the first six months, we’re going to let them spend money to get these revenue opportunities going.” That could mean opening more offices.
The company’s annual 2019 fiscal year report showed over $1 billion in revenues.
“The K12 team believes in Galvanize’s mission to teach industry-relevant skills and lifelong learning techniques,” Galvznize CEO Harsh Patel said in a press release.
“I’m looking forward to continuing our work to make people’s lives better and to make education more accessible and more affordable,” he said.