WebCT Announces $70 Million Equity Investment; Munder NetNet Fund Closes Round Led by Thomson Learning and SCT.Business Editors
LYNNFIELD, MA & VANCOUVER, BC--(BUSINESS WIRE)--Nov. 20, 2000
WebCT, the leading provider of integrated e-learning systems in the higher education higher education
Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. market, today announced that it has successfully secured a $70 million round of equity financing Equity Financing
The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . A new investment from the Munder NetNet Fund completes the round that was opened earlier this year with investments from SCT Sacrococcygeal teratoma (SCT)
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SCT, the leading provider of software and services to support the business processes of higher education, made a strategic investment in WebCT in June. Thomson Learning, a division of The Thomson Corporation (TSE See Tokyo Stock Exchange.
1. See Tokyo Stock Exchange (TSE).
2. See Toronto Stock Exchange (TSE). : TOC), also made a major strategic investment in WebCT in September. The new investment from the Munder NetNet Fund brings the current round of equity financing to US$70 million.
WebCT's current round is a significant increase over its previous round of equity financing, which raised US$25 million in January of this year from CMGI CMGI Commonly Maintained Grounds Infrastructures
CMGI College Marketing Group Information (Services) @Ventures, the venture capital affiliate of CMGI; Chase Capital Partners; BancBoston Ventures; Boston Millennia; NetInvest; Duke Management, the investment arm of the Duke University Endowment Fund Noun 1. endowment fund - the capital that provides income for an institution
patrimony - a church endowment
chantry - an endowment for the singing of Masses ; and Kestrel kestrel
Any of several birds of prey (genus Falco) known for hovering while hunting. Kestrels prey on large insects, birds, and small mammals. The male is more colourful than the female. Kestrels are mainly Old World birds, but one species, the American kestrel (F. Venture Management.
WebCT has successfully secured a total of US$125 million through six rounds of equity financing since the company's inception in 1995.
Carol Vallone, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of WebCT, said, "These latest investments from the Munder NetNet Fund, Thomson Learning, and SCT give us the most amount of capital as well as the largest installed base in the industry. We're in a great position to further develop our integrated e-learning system, make strategic acquisitions, expanding WebCT's leadership position as well as enhancing our ability for future growth."
Munder NetNet Fund portfolio manager Steve Appledorn said, "The Munder NetNet Fund invests in companies positioned to benefit from the growth of the Internet, particularly those that have a leadership position in their specific arena. We believe that WebCT fits this profile."
About Munder Capital Management
The Munder NetNet Fund is a part of the Munder Funds family of mutual funds. The Munder Funds are advised by Munder Capital Management, a leading U.S. money management firm with approximately $57 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . Founded in 1985, the firm provides investment advisory services advisory services
advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to a wide range of clients, including corporations; foundations; charitable trusts; state, municipal and county government retirement plans; insurance companies, unions and individuals. Additional information is available at www.munder.com or www.munderfunds.com.
COURSES -- WebCT is the most popular course management system in the higher education marketplace. WebCT's leadership position has been confirmed by three recent studies conducted independently by The Chronicle of Higher Education, Q2 Brand Intelligence, and McGraw-Hill Ryerson.
CAMPUS -- WebCT is also a key part of the first unified system for the campus environment. Thanks to WebCT's recent alliance with SCT and Campus Pipeline, more than 2,500 institutions can now offer students, faculty, and staff a single, streamlined system with one-stop, secure access to all of their online services.
COMMUNITY -- WebCT is also the platform for an integrated e-learning system that includes WebCT.com, the e-Learning Hub. WebCT.com enables faculty and students to share materials, experiences, content reviews, and ideas with the global academic community. The e-Learning Hub is rapidly becoming the home of many innovative and collaborative projects such as problem databanks, webcasts, computer simulations, online mentoring, and the integration of current events and new research.
COMPANY -- WebCT has offices in Lynnfield, MA, and Swarthmore, PA, in the U.S., as well as Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography
, Canada. The company's investors include Thomson Learning, a division of The Thomson Corporation (TSE: TOC); CMGI @Ventures, the venture capital affiliate of CMGI; Chase Capital Partners; BancBoston Ventures; SCT; the Munder NetNet Fund; NetInvest; Boston Millennia Partners; Welch & Forbes; Duke Management, the investment arm of the Duke University Endowment Fund; Kestrel Venture Management; and MTDC MTDC Missoula Technology and Development Center
MTDC Modified Total Direct Cost
MTDC Maharashtra Tourism Development Corporation (India)
MTDC Malaysian Technology Development Corporation . More information about the company and its integrated e-learning system can be found at www.webct.com.
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