E-learning company Learning Technologies Group (LTG) has closed its latest acquisition as the business moves towards its target of £50 million in revenues.

The purchase is said by LTG to provide it with a business to combine with its Epic company in an effort to form the ‘UK market leader’ in the e-learning custom content market.

LTG was formed to take advantage of a growing learning technology sector and listed on London’s Alternative Investment Market (AIM) in November when it raised £16.3 million, changed its name from In-Deed Online and bought EPIC Group.

Jonathan Satchell, CEO of LTG, comments, ‘This transaction will increase our capability and geographic reach to meet market demand. LTG’s subsidiary EPIC, and LINE, have strong complementary services and product and will combine leading teams in the market.

‘These solid credentials in learning technologies will provide a platform for further growth and market consolidation.’

The combined business will have 250 staff across offices in London, Brighton, Sheffield, Zurich, New York and Rio de Janeiro.

Under the terms of the deal, £5.1 million is being paid in cash, with a further £3.9 satisfied though new LTG shares. LTG is raising money for the acquisition though a placing – bringing in £8 million.

LTG plans to grow both organically and through acquisition within the ‘highly fragmented e-learning space’.

Back in October 2013, when Satchell was still CEO of EPIC, he was part of a technology-focused government trade delegation trip to China led by chancellor George Osborne.

‘We have a good acquisition pipeline and we look forward to updating shareholders in due course as we continue to grow,’ Satchell adds.