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Adecco buys General Assembly for $413 million

Coding school General Assembly has agreed to be acquired for $412.5 million in cash by Swiss staffing and workforce development company Adecco.

Why it fits: A majority of GA's revenue by year-end is expected to be business-to-business, whereas it was only 15% two years ago.

Most of that is in terms of re-skilling workers, including a "talent pipeline as-as-service" business whereby GA acts not only a a recruiter, but also as a trainer (with hiring companies paying the freight).

"Last fall we began mapping out on a white board with Adecco how we could work together, so we've been having off and on conversations with them," says General Assembly co-founder and CEO Jake Schwartz. "We'll be run as an independent entity."

ROI: General Assembly raised nearly $120 million in VC funding between 2011 and 2015, with a final round at a post-money valuation of around $440 million. That basically means the last investors like Advance Publications and Wellington Management will do a bit better than break even (due to the "preference stack") while early investors like Maveron and Initialized Capital should make sizable returns (the Series A post-money valuation, for example, was just around $20 million).

New York-based General Assembly was co-founded by Schwartz, Adam Pritzker, Matthew Brimer and Brad Hargreaves. It currently has around 500 employees and campuses in 20 cities.

Axios 9 hours ago
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Khorri Atkinson 1 hour ago
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Generation Z's next battleground: lowering the voting age

Students walking out on the 19th anniversary of Columbine
Tens of thousands participate in the March for Our Lives Rally. Photo: Andrew Lichtenstein/Corbis via Getty Images

Washington, D.C. is on the verge of becoming the first major U.S. city to allow people as young as 16 to vote in local and federal elections, including for president — under a proposal that has gotten support from a majority of the District’s council and the mayor.

Why it matters: Lowering the voting age to 16 from 18 is a direct attempt to capitalize on the post-millennial generation’s brewing political activism and power that have been radically heightened by the country’s increasingly polarized climate.