COUR: Completes Merger with Udemy

Research evidence excerpt

COUR: Completes Merger with Udemy

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Rishi Jaluria (Analyst)

Max Persico, CFA (Senior Associate)

Matthew Hedberg (Head of Global TIMT

Research)

May 11, 2026

Coursera, Inc.

Completes Merger with Udemy

NYSE: COUR | USD 5.78 | Outperform | Price Target USD 7.00

Sentiment: Neutral

On Monday (05/11), Coursera announced the completion of its combination with Udemy (not covered). As expected, the all-

stock transaction sees Coursera shareholders retaining ~59% of the combined company, with Udemy shareholders retaining the

remaining ~41%. Each Udemy share was exchanged for 0.80 shares of Coursera common stock and Udemy has been delisted from

NASDAQ, while Coursera continues to trade on the NYSE. Additional details include:

• The combination brings together 290M learners, 18,000 enterprise customers, 95,000 instructors, and hundreds of university

and industry partners.

• From a financial perspective, the combined company reached annual revenue of $1.5B+ on a pro-forma basis in 2025 and the

combination will enable structural margin expansion.

• Management continues to target run-rate annual cost synergies of $115M within 24 months of closing, expecting a significant

majority to be realized within year 1.

• The company is expected to provide details on a sizable share repurchase program within the next two weeks.

Stepping back, we continue to find the proposed merger interesting (see here), and believe the combination of Coursera's

Consumer strength and Udemy's Enterprise strength (17K+ enterprise customers) creates a unique value proposition and

platform offering, combining data and expertise to accelerate a combined AI-powered roadmap, in an industry that we believe

will likely see continued consolidation.