Form 4: Coursera Completes Acquisition of Udemy in All-Stock Deal

Udemy, Inc. has officially merged into Coursera, Inc., with shareholders receiving 0.800 shares of Coursera for every Udemy share held.

Summary

• Udemy, Inc. (UDMY) completed its merger with Coursera, Inc. on May 11, 2026.
• The merger was executed via Chess Merger Sub, Inc., a subsidiary of Coursera, with Udemy surviving as a wholly owned subsidiary.
• Jeffrey Lieberman, a director and major stakeholder via Insight Partners, disposed of 147,477 direct shares and 38,032,260 indirect shares as part of the transaction.
• Each share of Udemy common stock was converted into the right to receive 0.800 shares of Coursera common stock.
• The reporting person, Jeffrey Lieberman, is no longer subject to Section 16 reporting requirements for Udemy following this transaction.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive strategic consolidation that strengthens the market position of the combined entity, though it removes a major independent investment option from the EdTech sector.

Positives

• Successful completion of a major industry consolidation between two leading EdTech platforms.
• Udemy shareholders receive liquid equity in Coursera, a major public benefit corporation.
• The transaction was approved by the Board of Directors, ensuring compliance with Rule 16b-3 for exemptive purposes.

Negatives

• Udemy ceases to exist as an independent publicly traded company.
• Potential for short-term selling pressure as large institutional holders like Insight Partners receive significant blocks of Coursera stock.

Risks

• Integration risks associated with merging two large-scale online learning platforms and corporate cultures.
• Market volatility affecting the value of the Coursera shares received in the exchange.
• Potential loss of key personnel or strategic focus during the post-merger transition period.

Future Outlook

The combined entity is expected to leverage Coursera's academic partnerships and Udemy's skills-based marketplace to create a more comprehensive global education platform.

Management Comments

• Jeffrey Lieberman disclaims beneficial ownership of all shares held of record by the Funds, except to the extent of his pecuniary interest therein.

Industry Context

StockSavvy.ai notes that this merger represents a significant consolidation in the EdTech space, likely aimed at achieving scale and reducing customer acquisition costs in a highly competitive global market.

Comparison to Industry Standards

• The 0.800 exchange ratio is a standard mechanism in all-stock mergers within the technology sector.
• This consolidation creates a dominant player comparable in reach to LinkedIn Learning or the combined 2U and edX entity.
• The deal structure follows typical Delaware corporate law for reverse triangular mergers.

Management Changes

Corporate Governance

Legal Proceedings

• The merger was completed pursuant to the Agreement and Plan of Merger dated December 17, 2025.

Related Party Transactions

• Insight Partners and its various funds (Grace, Cayman VII, Delaware VII, etc.) converted their significant holdings into Coursera equity as part of the merger.

Stakeholder Impact

• Udemy shareholders have had their shares converted into Coursera common stock.
• Employees may experience changes in benefits or reporting structures as the companies integrate.
• Customers and instructors may see platform changes as Coursera integrates Udemy's marketplace.

Next Steps

• Integration of Udemy's content library and instructor marketplace into the Coursera ecosystem.
• Potential restructuring of overlapping corporate functions.
• Finalization of Coursera's updated financial guidance reflecting the Udemy acquisition.

Key Dates

Recommendation

For former Udemy shareholders, the recommendation is to hold the newly acquired Coursera shares to benefit from the long-term synergies of the combined EdTech leader, while monitoring integration progress.

Keywords

Udemy, Coursera, Merger, Acquisition, EdTech, Insight Partners, Jeffrey Lieberman, Stock Conversion, Online Learning, Section 16