Irish electronic-learning company Thirdforce is to buy a US based e-learning company,, for $18 million.

In a statement to the Irish Stock Exchange this morning, Thirdforce said the consideration comprises of $9 million in cash and $9 million by the issue of new ordinary shares in the merged company.

The company also intends to raise up to €13m through a share placing at a price per share of €0.19, with the proceeds of this placing used to fund the acquisition.

Thirdforce shares closed down one cent at 27 cent in Dublin.