Coursera and Udemy announced they will combine in an all-stock deal aimed at expanding access to job-relevant skills as AI reshapes the labor market, creating a larger online learning platform with an estimated global equity value of approximately US$2.5 billion.
The companies said the merger reflects growing demand from individuals and organizations for faster skill discovery and development as AI changes roles across industries. “Organizations and individuals around the world need a platform that is as agile as the new skills that learners must master,” Coursera CEO Greg Hart said in a statement announcing the deal, adding that the combination is aimed at accelerating innovation and improving outcomes for learners and business customers.
The transaction brings together two businesses with different but complementary models. Founded in 2012, Coursera has built its platform around partnerships with universities and industry organizations to bring courses, professional certificates, and degrees to a large audience around the world. Previously founded, Udemy developed a marketplace around instructors and on-demand content, with a focus on enterprise training through Udemy Business. Executives from both companies said the combination is aimed at expanding options for learners while enhancing services for businesses and governments seeking workforce training.
The announcement comes as online learning continues to expand alongside structural changes in employment. Coursera's 2025 Learning Outcomes Report, produced in partnership with Harris Poll, found that 88% of Mexican learners use the platform to support a career transition, first job, or promotion to a higher-level role. 91% reported positive professional outcomes after completing the course, including increased pay, promotions, and improved job performance. The report analyzed responses from more than 50,000 learners in 179 countries and highlighted the role of digital education in a rapidly changing labor market.
According to industry estimates cited in the report, nearly 74 million people worldwide will be engaged in online learning in 2024, compared to a fraction of that number 20 years ago. It is predicted that the global e-learning market could reach USD 400 billion by 2026. In Mexico, it is predicted that approximately 40% of workforce skills may change within five years, with companies and workers increasingly turning to online platforms for reskilling and upskilling.
Executives say AI is accelerating these trends. Udemy CEO Hugo Sarazin said the combined company plans to expand its global reach while advancing its AI-powered product roadmap. He said the transaction is expected to create operational efficiencies and revenue opportunities while supporting long-term investments. Under the agreement, Udemy shareholders will receive 0.800 shares of Coursera common stock for each Udemy share, representing a premium of approximately 26% over recent average prices. Coursera shareholders are expected to own approximately 59% of the combined company, and Udemy shareholders are expected to own approximately 41%.
The companies have estimated annual revenues in excess of US$1.5 billion and expect annual run-rate cost synergies of US$115 million within 24 months of closing. Coursera said it plans to implement a share repurchase program after the transaction closes. The transaction was unanimously approved by both boards of directors and is expected to close in the second half of 2026, subject to regulatory and shareholder approval.
The leadership and governance plan calls for Mr. Hart to remain as CEO, with Coursera Chairman Andrew Ng continuing in that role. The combined company will operate under the Coursera name, trade on the New York Stock Exchange under the ticker COUR, and be headquartered in Mountain View, California. Upon completion, Udemy stock will be delisted from the Nasdaq. Coursera will maintain its status as a public benefit corporation.
The merger builds on Coursera's recent efforts to integrate AI more deeply into its platform and distribution. In October, Coursera became the first online learning platform to integrate directly into ChatGPT, giving users access to educational videos and verified information within conversations on OpenAI's interface. Hart said at the time that placing trusted learning content within widely used AI tools could help people acquire the skills they need for future jobs. More than 800 million people use ChatGPT every week, according to OpenAI, and Coursera offers a broader channel to reach learners.
Coursera is also rolling out AI tools such as Coursera Coach, which provides personalized guidance to learners. In early results cited by the company, most users who interacted with the tool said it helped them understand complex concepts. Udemy is similarly focused on AI-powered personalization for its own market, especially enterprise customers who want to make training responsive to business needs.
Analysts say the consolidation reflects consolidation pressures in the online learning space as platforms seek to diversify their scale, data and revenue streams. Employers increasingly demand validated skills and measurable outcomes, while learners expect flexible, on-demand content tailored to rapidly changing roles. By combining university-backed credentials with a large instructor market, the companies aim to address both demands.
The broader work environment emphasizes this strategy. Human resources leaders in Mexico have made AI and automation a priority, and predictive models are already being used to reduce turnover and improve hiring. Executives cited in the Coursera study said education now goes beyond acquiring skills, supporting confidence and adaptability as roles evolve.
Coursera and Udemy said they will host a joint investor conference call to discuss the deal and outline plans to continue investing in AI-native capabilities and global localization.
