Udemy appoints Ozzie Goldschmied as CTO, founder Bali shifts to innovation role

SAN FRANCISCO - Online learning platform Udemy (NASDAQ:UDMY), a $1.1 billion market cap company with impressive gross profit margins of 63%, has appointed Ozzie Goldschmied as Chief Technology Officer, effective immediately, according to a company press release. Simultaneously, founder Eren Bali will transition to a newly created position as Head of Innovation, focusing on product strategy and artificial intelligence advancement. InvestingPro data shows the company maintains a strong balance sheet with more cash than debt, positioning it well for strategic initiatives.

Goldschmied, who brings nearly 30 years of technology industry experience, will oversee Engineering, Design, Product, Data Science, and Technical Product Management teams. He will report directly to CEO Hugo Sarrazin.

Prior to joining Udemy, Goldschmied co-founded Dayforce and served as its Head of Engineering until its acquisition by Ceridian in 2012, where he subsequently became CTO. Most recently, he was founder and CEO of GoldenRock Inc., working with private equity and venture capital clients.

In his new role as Head of Innovation, Bali will lead Udemy’s Innovation Studio, concentrating on developing "next-generation skilling experiences powered by AI," according to the press release.

"Udemy is uniquely positioned at the intersection of two powerful growth drivers: the rapid adoption and disruption of AI and the global imperative for continuous skills development," Goldschmied stated.

The company describes itself as an AI-driven skills development platform serving thousands of companies including Ericsson, Glassdoor, and Volkswagen. Udemy reports having nearly 80 million users globally.

In other recent news, Udemy Inc. has made several strategic moves aimed at enhancing its growth and market reach. The company finalized a $200 million senior secured revolving credit facility to support its long-term growth initiatives. This financial move underscores Udemy’s strong financial health, with substantial liquidity reserves and no outstanding debt. Additionally, Udemy announced a partnership with Indeed, designed to connect learning and employment opportunities, offering job seekers access to Udemy’s educational content and career services.

In terms of analyst activity, Morgan Stanley upgraded Udemy’s stock rating from Underweight to Equalweight, raising the price target to $9.00 from $7.00. The analysts now expect Udemy to maintain single-digit revenue growth while achieving a stronger EBITDA growth rate. Truist Securities maintained a Hold rating with a $7.00 price target, reflecting confidence in Udemy’s strategic initiatives. These initiatives include the partnership with Indeed and securing the line of credit, both aimed at expanding Udemy’s reach and enhancing its product offerings.

Udemy also launched an AI-driven feature called Role Play, designed to enhance soft skills through realistic conversation simulations. This new tool allows for personalized, contextual learning experiences and has seen significant engagement with over 3,100 Role Plays published within four weeks. These developments highlight Udemy’s commitment to integrating AI and human interaction into its platform to address the evolving demands of the job market.

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