Recently, I sat down with Kristina, (virtually, of course) and spoke about the investment Conviction made to myskillcamp, why the investment took place and what she looks forward to seeing in myskillcamp's future. As my time at myskillcamp has been post investment it was also a great opportunity to understand the process.
After figuring out how to record the screen and conversation we were having simultaneously, (a process you imagine would be simple until you try) and briefly discussing the similarities between the British and Belgian weather (raining), I asked when Conviction first discovered myskillcamp and the first impressions Kristina had.
''It was back in April that we got in touch with Kevin (CEO of myskillcamp). At that time the world was already in the zenith of the pandemic. I think it was Myskillcamp's passion that stood out to me as well as the market - helping companies of different sizes with their training and helping employees of those companies choose their own learning path''. When discussing the CEO Kevin Tillier, Kristina commented, ''It became evident that he knew the market, requirements and needs of his clients well''. Conviction already has a few investments in the EdTech space and Kristina explained they were intrigued to find a smaller player in the heart of Belgium, and after being impressed with myskillcamp upon first contact, continued with the investment process.
''There were a combination of things that stood out at myskillcamp...'' Kristina continued, ''the performance relative to the size, the capital efficiency and the resilience it shows during this period. The key metrics indicated the quality of service was high and there was little churn even though there were budget cuts and high turnover rates within other businesses during the time''.
I wanted to know more about the due diligence process, and who is contacted to ensure the business is right for Conviction's investment. Kristina explained that not only are CEOs contacted, but so are chairmen as well as other investors connected with myskillcamp. Another aspect of the process is meeting with customers of myskillcamp which helps build an investment case, Kristina mentioned, ''It's not often you come across a business like myskillcamp that gets universal appraisal from their client base!''.
''So what sets us apart from other training providers?'' I asked. ''Well we have other investments in the EdTech space, but they don't focus on the mid-market in Europe''. Kristina explained, ''Conviction wanted to identify a player that identifies a different niche within the same market''. Elaborating further, ''Right now there's a great tail-wind of companies being forced to invest in their learning platforms but also companies wanting to reward their employees, especially in the current world of remote working - so it's a growing market with lots of players and opportunities for acquisitions. So we expect myskillcamp to have a bright future''.
I was intrigued to understand what Kristina, and Conviction as a whole, expects to see from the future of myskillcamp, given the prime market and timing identified. ''Well, the product is second to none, the Chief Product Officer (Mathieu Vanbelle) is the best of his kind so we're expecting to see lots of exciting, cutting edge product development. As well as product expansion across Europe, myskillcamp firmly embedded in the UK market, and a transatlantic crossing into the States. But by then I imagine we'll see myskillcamp receiving several acquisition offers from large players in America''.
Nearing the end of our conversation it's clear that myskillcamp's investor is looking forward to our future within the EdTech space, I wanted to know if there's anything extra Kristina wanted to add before we said our goodbyes. She came prepared! ''To surmise, I think what I like the best is that myskillcamp identified a specific niche within the LXP (learner experience) market, which is a heavily underserved space. Those looking for their first learning platforms and tech steps are often faced with software that is too expensive, inflexible, or requires them to adopt a whole multitude of tools. So myskillcamp is refreshing as it caters to these customers and their needs while offering amazing customer service that is truly customer-centric.
Through talking with Kristina, it's clear that a lot is expected from myskillcamp, which is why we're dedicated to furthering our efforts to provide more courses, personalisation and ease for our customers. We're looking to grow in a steady, well-managed way and are looking forward to expanding across Europe. If you are looking for a learning platform, your first one, or looking to change from your current provider, don't hesitate to book a meeting with us. We'll offer you a free personalised trial - so you get to see what all the fuss is about.