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

Insight Partners exits its position in Udemy as the company merges into Coursera in a deal valued at 0.8 Coursera shares per Udemy share.

Summary

• Udemy, Inc. has officially merged with Coursera, Inc. as of May 11, 2026.
• The merger was executed via Chess Merger Sub, Inc., a wholly owned subsidiary of Coursera.
• Each share of Udemy common stock was converted into the right to receive 0.800 shares of Coursera common stock.
• Insight Holdings Group, LLC and its affiliated funds disposed of their entire collective holding of approximately 37,933,974 shares.
• Following the transaction, the reporting entities hold 0 shares of Udemy, as the company is now a surviving subsidiary of Coursera.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive strategic move for long-term market dominance, though it marks the end of Udemy as a standalone investment vehicle.

Positives

• Successful completion of a major industry consolidation between two leading EdTech platforms.
• Udemy shareholders receive liquid equity in Coursera, a larger public benefit corporation.
• The exchange ratio of 0.800 provides a clear valuation benchmark for the transaction.

Negatives

• Udemy ceases to exist as an independent publicly traded entity.
• Major institutional backers like Insight Partners have effectively exited their direct Udemy positions, which may lead to secondary market pressure on Coursera stock as they rebalance portfolios.

Risks

• Integration risk associated with merging two massive online learning platforms and their respective technologies.
• Market volatility could impact the value of the Coursera shares received by former Udemy shareholders.
• Potential for cultural or operational friction as Udemy is absorbed into Coursera's corporate structure.

Future Outlook

Udemy will operate as a subsidiary of Coursera. Future performance will be integrated into Coursera's financial reporting, focusing on synergies in the global online education market.

Management Comments

• The Board of Directors of Udemy approved the disposition of all shares by the reporting persons to satisfy Rule 16b-3 exemption requirements.

Industry Context

StockSavvy.ai notes that this merger represents a significant consolidation in the EdTech sector, effectively combining two of the largest players to better compete against LinkedIn Learning and specialized professional development platforms.

Comparison to Industry Standards

• The 0.800 exchange ratio is a standard mechanism for all-stock mergers in the technology sector, similar to the Salesforce acquisition of Slack.
• This consolidation mirrors trends seen in other maturing SaaS industries where market leaders acquire competitors to achieve scale and reduce customer acquisition costs.

Management Changes

Corporate Governance

Legal Proceedings

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

Related Party Transactions

• Insight Partners and its various funds (IVP VII, Grace Software, etc.) participated in the share conversion as major stakeholders.

Stakeholder Impact

• Shareholders: Received 0.8 shares of Coursera for every Udemy share.
• Institutional Investors: Insight Partners has exited its 10% ownership position in Udemy.
• Company Status: Udemy is no longer a standalone public company.

Next Steps

• Integration of Udemy's course catalog into Coursera's platform.
• Delisting of Udemy (UDMY) from public exchanges.
• Issuance of Coursera (COUR) shares to former Udemy shareholders.

Key Dates

Recommendation

Investors who held Udemy should now evaluate their position based on Coursera's (COUR) fundamentals, as they now hold equity in the combined entity. The merger provides scale, but integration success is the new primary variable.

Keywords

Udemy, Coursera, Merger, Acquisition, EdTech, Insight Partners, Stock Exchange, Consolidation