Quarterly report pursuant to Section 13 or 15(d)

Note 17 - Related Party Transactions

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Note 17 - Related Party Transactions
 6 Months Ended
Jul. 31, 2023
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

(17)    Related Party Transactions

 

Agreement with Largest Shareholder

 

In December 2021, Skillsoft entered into a commercial agreement to provide off-the-shelf Skillsoft products to the Company’s largest shareholder, MIH Learning B.V., and its affiliates for $0.7 million over three years.

 

Codecademy Transaction

 

An affiliate of our largest shareholder, MIH Learning B.V. also owned approximately 23.8% of the outstanding equity of Codecademy which we acquired on April 4, 2022.

 

Consulting Services

 

In December 2021, Skillsoft engaged The Klein Group, LLC (the “Klein Group”) to act as a consultant to advise the Company of a potential transaction with Codecademy, to assist management in its evaluation of the business opportunity and structuring and negotiation of a potential transaction. Pursuant to this engagement, Skillsoft paid the Klein Group a transaction fee equal to $2.0 million in connection with the Codecademy acquisition. Michael Klein, a member of our Board, is the Chief Executive Officer of the Klein Group and the Klein Group is closely affiliated with our second largest shareholder.