Interplay Learning (Interplay), a leader in immersive skilled trades training, announced securing investment from Goldman Sachs Alternatives and acquiring Industrial Training International (ITI). This acquisition allows Interplay to expand its presence in the industrial sector, advancing its mission to address chronic labor shortages across industries.
- ITI Acquisition and Investment from Goldman Sachs:
- Interplay has acquired ITI, a company known for its immersive crane and rigging training solutions.
- With funding from Goldman Sachs, Interplay aims to expand into the industrial sector, addressing workforce gaps across multiple industries.
- Richard Waitumbi, Managing Director at Goldman Sachs, joins Interplay’s Board of Directors to support the company’s growth.
- Mission to Combat Labor Shortage:
- Both Interplay and ITI share a mission to uplift skilled workers, helping them build careers and achieve financial mobility.
- Interplay’s platform empowers businesses with confidence in their workforce’s preparedness, value, and competencies.
- Doug Donovan, Interplay CEO, emphasized that this collaboration accelerates the shared vision of supporting skilled tradespeople and generating positive outcomes for companies.
- Goldman Sachs’ Commitment to Inclusive Growth:
- Greg Shell, Partner and Head of Inclusive Growth Strategy at Goldman Sachs, highlighted the firm’s focus on investing in companies that drive social impact alongside strong returns.
- Shell emphasized that Interplay, with its AI-driven solutions, enables companies to build the future workforce by addressing the global skilled labor shortage.
- Addressing the U.S. Skilled Labor Shortage:
- According to Angi’s 2024 Skilled Trades Report, 70% of tradespeople say the workforce shortage hinders growth.
- The U.S. is expected to have 1.5 million new skilled trade jobs by 2029, with insufficient workers to fill them.
- Interplay’s digital tools are helping companies not only upskill current employees but also attract and train new talent.
- Innovative Training Solutions:
- Interplay offers over 500 hours of courseware, using AI and 3D simulations to upskill workers faster and keep them longer.
- These scalable solutions are transforming industries by providing businesses with the tools to prepare job-ready employees.
- Impact on Educational Institutions:
- Interplay also supports educational institutions with 3D simulations and virtual reality learning tools.
- The platform powers independent skilled trades academies, helping graduates earn industry-recognized certifications for rewarding careers.
Interplay Learning’s acquisition of ITI and new funding from Goldman Sachs strengthens its ability to tackle the U.S. skilled labor shortage. With innovative tools powered by AI and immersive simulations, Interplay is paving the way for future workforce development.
