Coding Dojo, the software engineering bootcamp operator headquartered in Bellevue, Washington, has been acquired by Perdoceo, a publicly traded company based in Illinois that owns online academic institutions, including Colorado Technical University and the American InterContinental University System.

The acquisition was finalized on December 1 and was disclosed in Perdoceo’s annual earnings report released last Thursday. The agreement entails an initial cash payment of $52.8 million, with the potential for an additional $15 million in payments contingent upon meeting specific financial performance targets.

Established in 2013, Coding Dojo specializes in training software engineers in various fields, such as computer programming, data science, and cybersecurity. Notably, it is ranked 40th on the GeekWire 200, an index of prominent Pacific Northwest startups.

In recognition of its commitment to supporting underserved communities and refugees, Coding Dojo was awarded the Geeks Give Back award at the annual GeekWire Awards last year. Since its inception, the bootcamp has provided $13 million in scholarships and tuition assistance.

In response to the COVID-19 pandemic, Coding Dojo transitioned to an exclusively online business model but has subsequently reopened some of its physical locations. The company now operates under the umbrella of Colorado Technical University and no longer maintains physical offices.

Importantly, Coding Dojo will continue its day-to-day operations, retaining its existing brand and workforce of 194 employees. The company had previously licensed its courses to institutions worldwide and secured $10 million in venture debt in June.

Despite a rising demand for technical talent, access to university-level computer science education remains highly competitive. According to Course Report, there are over 500 code schools worldwide.

Richard Wang, the CEO and co-founder of Coding Dojo, previously held executive positions at Trupanion, a pet insurance company, and served as a chief of staff at Boeing. He also serves as a venture partner at NextGen Venture Partners.

Perdoceo boasts approximately 4,000 employees and reported revenues of $695.2 million in the previous year, marking a 0.3% increase from 2021.