Analyzing edX’s latest tax returns offers valuable insights and context for its acquisition motivations.

Update (April 2026): On April 9, shareholders of both companies voted overwhelmingly to approve the merger — 99.4%% at Coursera, 99.9%% at Udemy. The deal is expected to close in the second half of 2026. I also dug into the 300-page merger prospectus and found that Coursera approached Udemy three times over two years before getting a yes, and that Pluralsight’s owner made a competing cash offer. Read the full merger history. TL;DR Coursera is acquiring Udemy in an all-stock deal worth ~$1.8 b

The pandemic ushered in a “new normal” in online learning, but it culminated in layoffs and stock drops.