Becker acquires anti-money laundering organization for $330 million
DOWNERS GROVE - Becker Professional Education, a subsidiary of DeVry Education Group, announced it has entered into an agreement to acquire the Association of Certified Anti-Money Laundering Specialists for $330 million.
ACAMS is the largest international membership organization dedicated to enhancing the knowledge and skills of anti-money laundering and financial crime prevention professionals. The transaction is expected to close in July 2016, subject to antitrust approval and other customary closing conditions. ACAMS is currently owned by Warburg Pincus, a global private equity firm focused on growth investing.
ACAMS is a member-driven organization of financial crimes prevention professionals that provides online and in-person training, credentialing through its CAMS certification, conferences, and risk assessment tools. ACAMS also provides financial crime news and information through its moneylaundering.com website. CAMS certification holders are passionate, mission driven individuals who view their work as supporting greater global security goals.
"We are excited to have ACAMS join the professional education family," said John Roselli, president of Becker Professional Education. "ACAMS furthers Becker's global growth strategy into a new professional education segment and enhances Becker's position as a leading provider of lifelong learning for professionals."
Growth strategies include accelerating ACAMS product development initiatives and leveraging Becker's state of the art learning technologies. Nearly 40 percent of ACAMS current revenues are generated outside the U.S. Becker's global footprint, extensive partnerships and established relationships present an opportunity for ACAMS to accelerate international growth and to increase membership and certification in adjacent markets such as accounting, where the CAMS certification would be a valuable additional credential.
"ACAMS will be able to leverage Becker's expertise in delivering online training and professional exam certification using cutting-edge technology, said John Byrne, executive vice president of ACAMS. Access to Becker's financial resources and state of the art e-learning platforms will position ACAMS well for growth as we continue to develop products and services to meet the rapidly changing needs of AML professionals globally."
The acquisition represents diversification into a new vertical with a potential total addressable market of more than $2 billion. ACAMS is expected to generate fiscal 2017 revenue in the low $40 million range. The acquisition will be modestly dilutive to earnings per share in fiscal 2017 and is expected to be accretive in fiscal 2018 and beyond. The transaction will be funded through a combination of cash and debt.
"The ACAMS acquisition is an example of the kind of global diversification and growth DeVry Group is seeking," said Lisa Wardell, president and CEO of DeVry Education Group. "We are very pleased to do so with a terrific organization like ACAMS."