Coursera and Udemy have reached an agreement to merge in an all-stock transaction, with the combined company’s implied equity value estimated at approximately $2.5bn.

The agreement, unanimously approved by both companies’ boards of directors, stipulates that Udemy shareholders will receive 0.8 shares of Coursera common stock for each Udemy share held.

Upon completion of the merger, Coursera shareholders are expected to own about 59% and Udemy shareholders approximately 41% of the new entity on a fully diluted basis.

The combined company will continue under the Coursera name, and maintain its headquarters in Mountain View, California.

Coursera, founded in 2012 by Andrew Ng and Daphne Koller, is an online learning platform with 191 million registered users as of 30 September 2025.

It collaborates with over 375 universities and industry partners to offer courses, specialisations, professional certificates, and degrees.

The platform includes features such as generative AI (gen AI) tools (Coach, Role Play, Course Builder) and role-based solutions (Skills Tracks) to support scalable and personalised learning.

Coursera is used by institutions for workforce development in fields such as gen AI, data science, technology, and business.

Udemy is a platform that provides on-demand, multi-language courses to help companies and individuals develop technical, business, and soft skills.

It uses AI to offer personalised learning experiences and supports workforce development in a changing workplace.

Greg Hart, currently CEO of Coursera, is set to lead the enlarged organisation as CEO after the merger.

The board will consist of nine members. Six from Coursera’s board, including chairman Andrew Ng and CEO Greg Hart, and three from Udemy’s board.

Hart said: “We’re at a pivotal moment in which AI is rapidly redefining the skills required for every job across every industry.

“Organisations and individuals around the world need a platform that is as agile as the new and emerging skills learners must master.”

The combination is said to create a complete ecosystem of top instructors supported by AI tools, data-driven insights, and broader distribution, enabling more engaging, personalised, and dynamic learning at scale.

Projected operational efficiencies include anticipated annual run-rate cost synergies of $115m within two years after closing.

Udemy CEO Hugo Sarrazin said: “For more than 15 years, Udemy has helped millions of people master in-demand skills at the speed of innovation.

“Through this combination with Coursera, we will create meaningful benefits for our learners, enterprise customers, and instructors, while delivering significant value to our shareholders, who will participate in the substantial upside potential of the combined company.”

The merger is anticipated to close in the second half of 2026, pending regulatory clearances, approval by both companies’ shareholders, and other customary closing conditions.