Trinity College Dublin spinout, ETU, is to receive fresh investment from a group of new backers, in a move that will see ownership of the business change hands.
The value of the deal is not being disclosed by either party, but it is understood to be in the region of €50m.
The immersive learning provider develops services to allow employees upskill digitally at scale.
US based Mission Spring Ventures and Pacific Lake Partners, as well as other private investors, are leading the takeover.
The fresh capital investment is to be used to help accelerate the growth of the company, which currently employs around 60 people in Ireland and the US.
The company was founded in Trinity over ten years ago by Dr Declan Dagger, Prof Vincent Wade, Prof Michael Gill and Dr Brian Fitzmaurice and the platform was developed with two Trinity alumni, Dr Conor Gaffney and Gordon Power.
The development will see Mission Springs Ventures executive, Katie Laidlaw, takeover as CEO of ETU from current chief executive, Michael Veale, with co-founder Declan Dagger staying in the role of chief operating officer.
"It's with tremendous optimism that I join ETU and lead it into the next phase of growth," said Katie Laidlaw.
"There is so much opportunity in front of this team and product. I am excited to serve the growing needs of our customers and the broader market."
ETU has seen significant growth in recent years, with annual revenue doubling last year and another doubling expected to be recorded this year.
More than a million people are now using the Software as a Service platform.
Clients that include PWC, IBM, Merck, Deloitte, Microsoft and Macy’s.
"ETU is proud of its Irish roots," said Dr Dagger.
"The company is built on leading-edge research from Trinity College Dublin and our growth has been supported by Enterprise Ireland."
"That growth trajectory will continue with the new investment. Katie Laidlaw's business acumen and keen leadership style is the perfect combination to lead ETU forward."
