AFFERO LAB, a privately-held Brazilian online corporate training provider based in Rio de Janeiro, has sold most of its shares. Bertelsmann, the German media conglomerate, has purchased a 40 percent stake; another 30 percent has been acquired by the World Bank Group's International Finance Corporation. Financial details were not disclosed.
Affero Lab, which trains more than one million people each year and serves more than 500 Brazilian cities, was formed in 2013 as a result of a merger of two corporate training companies in the country. The company saw revenues of approximately $43.5 million in 2014, according to Fox News Latino.
