EDT Learning, Inc. announced today the acquisition of Learning-Edge, Inc., an Arizona-based private e-Learning company in a stock transaction that is expected to be immediately accretive to earnings. The company expects the Learning-Edge acquisition to generate additional annual revenues of $3 to $4 million.
Founded in 1988 by individuals with decades of combined experience in corporate training and media, Learning-Edge has a seasoned staff of highly skilled instructional designers, project managers, writers, programmers, computer graphic artists and video specialists. This talented team developed Learning-Edge's Interactive Software Training (IST) Tool, which speeds up, simplifies and standardizes the development of Web-based interactive learning programs.
Dr. James Powers, chief executive officer of EDT Learning, Inc., said, "In addition to immediate revenues, Learning-Edge brings a significant client base of Fortune 1000 companies including Agilent, American Express, Avaya, Bank of America, Coors Brewing Co., Discover Card, Microsoft, Motorola, Universal Studios and Wells Fargo Bank. This acquisition is consistent with our internal growth strategy because it dramatically enhances our ability to deliver custom content development, providing EDT Learning's corporate clients with an even more complete and comprehensive solution. The completion of this acquisition provides significant progress in the implementation of our internal and external growth strategies."
Preston Zuckerman, former chief executive officer of Learning-Edge, who will assume the new role of chief e-Learning architect at EDT Learning, said, "The marriage of EDT Learning's customer service focus with Learning-Edge's ability to produce learning programs that measurably improve productivity creates a powerful and competitive solution. EDT Learning's expertise in synchronous (live virtual classroom) training provides our existing client base with a more comprehensive solution that offers a blend of self-paced and instructor-led training over the Internet. Together, we are better able to serve a rapidly expanding marketplace while attending to our current clients' needs."
In closing, Dr. Powers added, "Often times transactions are characterized as synergistic, but in this case the pieces truly do fit. Each company's focus complements the other, including areas of market concentration, geography, personnel and even customer base. We are proud of the award-winning capabilities that EDT Learning now has at its disposal. The IST Tool, one of the industry's most advanced and powerful content development tools, is designed to produce media-rich Web content starting from a simple Word document. EDT Learning is continuing to grow organically while evaluating new potential partners and/or acquisitions. We continue to seek private e-Learning companies that meet our consolidation criteria for complementary transactions. With completion of the Learning-Edge transaction, we are now firmly rooted in the e-Learning industry."
