Q3 2025

Education & Training M&A Update

In Q3, the Education Services Industry Index increased 0.3%, but was outperformed by a 7.9% increase in the S&P over the same period.
The median EV/Revenue multiple for reported private equity deals in the Education & Training sector decreased to 1.0x in YTD 2025 from 1.1x in 2024, and decreased for strategic deals to 1.2x from 2.0x in the prior year.
M&A deal volume in the sector increased 18.7% in Q3 to 222 deals from 187 in Q2, and increased 13.3% from 196 in Q3 of the prior year.
Europe was the most active region in Q3 with 94 deals. Most notable in Europe was Workday’s $1.1 billion acquisition of Sana, a Swedish developer of an AI learning platform, in September 2025.
Total capital invested in M&A transactions increased 500.0% in Q3 to $1.8 billion from $0.3 billion in Q2, primarily due to Workday’s $1.1 billion acquisition of Sana, mentioned above. Comparatively, the largest reported transaction in Q2 was Alta Capital’s $100.0 million acquisition of Hartland International School in May 2025.