Interplay solidifies its leadership position in workforce training, accelerates its expansion into the industrial sector, and reinforces its commitment to tackle the US and global trade skills imbalance.
Interplay Learning (Interplay), a leading provider of immersive skilled trades training, today announced it has secured funding from Goldman Sachs Alternatives (“Goldman Sachs”) and acquired Industrial Training International (ITI) to expand its footprint in key sectors. As part of this round of Investment, Interplay is adding Richard Waitumbi, Managing Director at Goldman Sachs, to its Board of Directors.
With the acquisition of ITI, Interplay is deploying a portion of the growth investment to expand into the industrial sector, furthering its vision to reach every industry that faces a chronic labor shortage. Founded in 1986, ITI is a long-serving, trusted advisor and solution provider to thousands of companies and governmental entities. ITI brings additional immersive simulation training solutions in activities related to crane and rigging operations, a common need across all types of job sites.
Doug Donovan, Interplay CEO, shared, “Both Interplay and ITI have the same mission to build better careers and better lives for the workers who construct, repair and maintain the essential systems of the world. We believe that every skilled worker deserves unlimited social mobility and learning experiences. Every organization should have confidence in the preparedness, competencies, and value drivers of their skilled workforce. By joining forces and with the support of our investment partner Goldman Sachs Alternatives, we can accelerate that vision and deliver a cross-industry platform that supports these workers throughout their career journey and drives positive business outcomes for the companies that depend on them.”
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Greg Shell, Partner and Head of Inclusive Growth Strategy within Sustainable Investing at Goldman Sachs Alternatives, shared, “Our vision is to support corporations that not only uphold core economic principles but also serve social needs, and in doing so, prove that this approach to investing will also provide strong returns. We believe Interplay represents that investment thesis and our investment will aid it in its mission to be the formidable global leader in its space. Companies worldwide have tremendous challenges in hiring and retaining skilled talent, and education systems are slow to meet this need. Interplay Learning, with its leading AI and immersive technology, enables companies to control their trade skills development destiny and powers education partners to prepare the global workforce’s next generation of skilled workers.”
Interplay is tackling one of the biggest challenges threatening the U.S economy – the skilled labor shortage. According to Angi’s 2024 Skilled Trades Report, 70% of surveyed tradespeople say the lack of an available workforce is stunting their growth. The U.S. Labor Statistics estimates there will be 1.5 million new skilled trades jobs by 2029 and not enough workers to fill them. The need to replace retiring workers by attracting younger talent to careers in the trades is felt across the residential, commercial, industrial, and infrastructure construction industries.
The company is leading the charge in addressing the skilled labor shortage by providing companies with innovative, digital tools that not only upskill existing talent but also help companies attract, train, and retain people with no prior experience. Interplay’s immersive career development platform offers over 500 hours of courseware across a range of skilled trade paths and leverages both AI and 3D simulations to deliver an intelligent skills development program unlike any on the market. By equipping businesses with scalable solutions to get workers job-ready faster and keep them longer, Interplay is driving impactful results for industries facing critical labor challenges.
Beyond industry, Interplay helps educational institutions by powering programs with supplemental learning that utilize 3D simulations and virtual reality. It also supports the launch of independent skilled trades academies where none existed before. Graduates earn industry-recognized certifications, opening doors to financially rewarding and meaningful careers.
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