Interplay solidifies its leadership position in workforce training, accelerates its expansion into the industrial sector, and reinforces its commitment to tackle the US and global trade skills imbalance.
AUSTIN, Texas — September 19, 2024 — Interplay Learning (Interplay), a leading provider of immersive skilled trades training, today announced it has secured funding from Goldman Sachs Alternatives (“Goldman Sachs”) and acquired Industrial Training International (ITI) to expand its footprint in key sectors. As part of this round of Investment, Interplay is adding Richard Waitumbi, Managing Director at Goldman Sachs, to its Board of Directors.
With the acquisition of ITI, Interplay is deploying a portion of the growth investment to expand into the industrial sector, furthering its vision to reach every industry that faces a chronic labor shortage. Founded in 1986, ITI is a long-serving, trusted advisor and solution provider to thousands of companies and governmental entities. ITI brings additional immersive simulation training solutions in activities related to crane and rigging operations, a common need across all types of job sites.
Doug Donovan, Interplay CEO, shared, “Both Interplay and ITI have the same mission to build better careers and better lives for the workers who construct, repair and maintain the essential systems of the world. We believe that every skilled worker deserves unlimited social mobility and learning experiences. Every organization should have confidence in the preparedness, competencies, and value drivers of their skilled workforce. By joining forces and with the support of our investment partner Goldman Sachs Alternatives, we can accelerate that vision and deliver a cross-industry platform that supports these workers throughout their career journey and drives positive business outcomes for the companies that depend on them.”
Greg Shell, Partner and Head of Inclusive Growth Strategy within Sustainable Investing at Goldman Sachs Alternatives, shared, “Our vision is to support corporations that not only uphold core economic principles but also serve social needs, and in doing so, prove that this approach to investing will also provide strong returns. We believe Interplay represents that investment thesis and our investment will aid it in its mission to be the formidable global leader in its space. Companies worldwide have tremendous challenges in hiring and retaining skilled talent, and education systems are slow to meet this need. Interplay Learning, with its leading AI and immersive technology, enables companies to control their trade skills development destiny and powers education partners to prepare the global workforce’s next generation of skilled workers.”
Interplay is tackling one of the biggest challenges threatening the U.S economy – the skilled labor shortage. According to Angi’s 2024 Skilled Trades Report, 70% of surveyed tradespeople say the lack of an available workforce is stunting their growth. The U.S. Labor Statistics estimates there will be 1.5 million new skilled trades jobs by 2029 and not enough workers to fill them. The need to replace retiring workers by attracting younger talent to careers in the trades is felt across the residential, commercial, industrial, and infrastructure construction industries.
The company is leading the charge in addressing the skilled labor shortage by providing companies with innovative, digital tools that not only upskill existing talent but also help companies attract, train, and retain people with no prior experience. Interplay's immersive career development platform offers over 500 hours of courseware across a range of skilled trade paths and leverages both AI and 3D simulations to deliver an intelligent skills development program unlike any on the market. By equipping businesses with scalable solutions to get workers job-ready faster and keep them longer, Interplay is driving impactful results for industries facing critical labor challenges.
Beyond industry, Interplay helps educational institutions by powering programs with supplemental learning that utilize 3D simulations and virtual reality. It also supports the launch of independent skilled trades academies where none existed before. Graduates earn industry-recognized certifications, opening doors to financially rewarding and meaningful careers.
About Interplay Learning
Austin-based Interplay Learning is the industry leader in immersive career development for the skilled trades. Interplay’s acclaimed training platform enables rapid upskilling and empowers new technicians to be job-ready within weeks, not years. Featuring hands-on 3D simulations, expert-led videos, knowledge checks, and personalized learning paths, Interplay’s immersive platform is more scalable and engaging than traditional training. Leveraging advanced technologies like AI and VR, Interplay is reshaping the future of online skilled trades training, delivering highly effective learning experiences that result in better careers and better lives. Since 2016, the company has trained more than 250,000 people using immersive learning technology and has worked closely with nearly 2,000 businesses and educational organizations. Recent accolades include Fast Company’s Annual List of the World’s Most Innovative Companies of 2024, AHR’s 2024 Innovation Award, IACET 2024 Innovation of the Year Award – Technology Integration category, NFMT 2024 Vision Awards – Analytics and Management Software, Forbes’ 2023 America’s Best Startup Employers, 2022 Inc. 5000 list, 2022 Inc. Best in Business list, and three honorable mentions in Fast Company’s 2021 World Changing Ideas Awards. Visit www.interplaylearning.com to learn more.
About Industrial Training International
Industrial Training International LLC is a global leader in the design and delivery of learning solutions for organizations conducting crane, rigging, and load handling activities. Founded in 1986, the company originally specialized in instructor-led training, field services, and consulting. ITI has since grown to produce live online, and on-demand courses delivered via the ITI Learning Hub and has been recognized with numerous industry association awards for its groundbreaking virtual reality crane simulator solution. For more information about ITI, visit www.iti.com.
About Sustainable Investing at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds, and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors, and individuals. Goldman Sachs has over $2.9 trillion in assets under supervision globally as of June 30, 2024.
COMMENTS