Goldman Sachs entities reported beneficial ownership of 7,605,715.18 shares of Udemy, Inc. common stock, representing 5.2% of the class, with shared voting power of 7,596,930.18 and shared dispositive power of 7,605,715.18. The filing is a joint Schedule 13G submitted by The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC and includes a joint filing agreement and exhibits identifying the reporting subsidiary and attribution rules.
Positive
None.
Negative
None.
Insights
Goldman Sachs discloses a 5.2% passive stake via consolidated reporting units.
The filing lists 7,605,715.18 shares as beneficially owned with shared voting and dispositive powers. The statement is filed as a joint Schedule 13G, indicating a passive/aggregated holding under Rule 13d-1.
Watch for future amendments if ownership or voting arrangements change; timing of any disposition or change is not provided in the excerpt.
Filing includes exhibits clarifying parent/ subsidiary attribution and disclaimers per the 1998 Release.
The submission attaches a joint filing agreement and exhibits identifying Goldman Sachs & Co. LLC as the reporting subsidiary and describing disclaimers for client accounts and certain managed entities. The 1998 Release language limits attributing client-owned positions to the reporting units.
Any change in classification or voting/dispositive power would require an amendment; the excerpt contains no amendment timetable.
"joint Schedule 13G submitted by The Goldman Sachs Group"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
shared dispositive powerfinancial
"Shared Dispositive Power 7,605,715.18"
Release No. 34-39538regulatory
"In accordance with the Release No. 34-39538 (January 12, 1998)"
joint filing agreementlegal
"EXHIBIT (99.1) JOINT FILING AGREEMENT"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
UDEMY, INC.
(Name of Issuer)
Common Stock, par value $0.00001 per share
(Title of Class of Securities)
902685106
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
902685106
1
Names of Reporting Persons
THE GOLDMAN SACHS GROUP, INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,596,930.18
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,605,715.18
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,605,715.18
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.2 %
12
Type of Reporting Person (See Instructions)
HC, CO
SCHEDULE 13G
CUSIP Number(s):
902685106
1
Names of Reporting Persons
GOLDMAN SACHS & CO. LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,596,930.18
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,605,715.18
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,605,715.18
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.2 %
12
Type of Reporting Person (See Instructions)
BD, OO, IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
UDEMY, INC.
(b)
Address of issuer's principal executive offices:
600 Harrison Street, 3rd Floor, San Francisco, X1, 94107
Item 2.
(a)
Name of person filing:
THE GOLDMAN SACHS GROUP, INC.| GOLDMAN SACHS & CO. LLC
(b)
Address or principal business office or, if none, residence:
The Goldman Sachs Group, Inc. 200 West Street New York, NY 10282| Goldman Sachs & Co. LLC 200 West Street New York, NY 10282
(c)
Citizenship:
THE GOLDMAN SACHS GROUP, INC. - Delaware| GOLDMAN SACHS & CO. LLC - New York
(d)
Title of class of securities:
Common Stock, par value $0.00001 per share
(e)
CUSIP Number(s):
902685106
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See the response(s) to Item 9 on the attached cover page(s).
(b)
Percent of class:
See the response(s)to Item 11 on the attached cover page(s).
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See the response(s) to Item 5 on the attached cover page(s).
(ii) Shared power to vote or to direct the vote:
See the response(s) to Item 6 on the attached cover page(s).
(iii) Sole power to dispose or to direct the disposition of:
See the response(s) to Item 7 on the attached cover page(s).
(iv) Shared power to dispose or to direct the disposition of:
See the response(s) to Item 8 on the attached cover page(s).
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Exhibit (99.2)
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
THE GOLDMAN SACHS GROUP, INC.
Signature:
Name: Veronica Mupazviriwo
Name/Title:
Attorney-in-fact
Date:
04/24/2026
GOLDMAN SACHS & CO. LLC
Signature:
Name: Veronica Mupazviriwo
Name/Title:
Attorney-in-fact
Date:
04/24/2026
Exhibit Information
EXHIBIT (99.1)
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) promulgated under the Securities
Exchange Act of 1934, the undersigned agree to the joint filing of a Statement
on Schedule 13G (including any and all amendments thereto) with respect to the
Common Stock, par value $0.00001 per share, of UDEMY, INC.
and further agree to the filing of this agreement as an Exhibit thereto.
In addition, each party to this Agreement expressly authorizes each other party
to this Agreement to file on its behalf any and all amendments to such Statement
on Schedule 13G.
Date: 04/24/2026
THE GOLDMAN SACHS GROUP, INC.
By:/s/ Veronica Mupazviriwo
----------------------------------------
Name: Veronica Mupazviriwo
Title: Attorney-in-fact
GOLDMAN SACHS & CO. LLC
By:/s/ Veronica Mupazviriwo
----------------------------------------
Name: Veronica Mupazviriwo
Title: Attorney-in-fact
EXHIBIT (99.2)
ITEM 7 INFORMATION
The securities being reported on by The Goldman Sachs Group, Inc.
("GS Group"), as a parent holding company, are owned, or may be deemed to be
beneficially owned, by Goldman Sachs & Co. LLC ("Goldman Sachs"), a broker or
dealer registered under Section 15 of the Act and an investment adviser
registered under Section 203 of the Investment Advisers Act of 1940. Goldman
Sachs is a subsidiary of GS Group.
EXHIBIT (99.3)
ITEM 4 INFORMATION
*In accordance with the Securities and Exchange Commission Release No.
34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities
beneficially owned by certain operating units (collectively, the "Goldman Sachs
Reporting Units") of The Goldman Sachs Group, Inc. and its subsidiaries and
affiliates (collectively, "GSG"). This filing does not reflect securities, if
any, beneficially owned by any operating units of GSG whose ownership of
securities is disaggregated from that of the Goldman Sachs Reporting Units in
accordance with the Release. The Goldman Sachs Reporting Units disclaim
beneficial ownership of the securities beneficially owned by (i) any client
accounts with respect to which the Goldman Sachs Reporting Units or their
employees have voting or investment discretion or both, or with respect to
which there are limits on their voting or investment authority or both and
(ii) certain investment entities of which the Goldman Sachs Reporting Units
act as the general partner, managing general partner or other manager, to the
extent interests in such entities are held by persons other than the Goldman
Sachs Reporting Units.
Goldman Sachs reports beneficial ownership of 7,605,715.18 shares, equal to 5.2% of Udemy's common stock. The filing shows shared voting power of 7,596,930.18 and shared dispositive power of 7,605,715.18 as disclosed on the cover page.
Which Goldman Sachs entities filed the Schedule 13G for UDMY?
The filing is a joint submission by The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC. It includes a joint filing agreement signed on 04/24/2026 and exhibits identifying the reporting subsidiary and attribution arrangements.
Does the Schedule 13G indicate active control by Goldman Sachs over UDMY?
The Schedule 13G lists shared voting and dispositive powers but is a passive filing type under Rule 13d-1. The excerpt includes disclaimers noting client accounts and certain managed entities are not attributed to the Goldman Sachs Reporting Units.
Are there attribution or disclaimer details in the filing?
Yes. Exhibits incorporate the Release No. 34-39538 language and state that certain client accounts and investment entities are disclaimed from the Goldman Sachs Reporting Units' beneficial ownership in accordance with that release.
Who signed the joint filing agreement for this Schedule 13G?
The joint filing agreement and related exhibits were signed by Veronica Mupazviriwo, acting as Attorney-in-fact for both The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC, with signature dates shown as 04/24/2026.
