Cambium Learning Group, Inc. to Acquire Class.com
DALLAS and LINCOLN, Neb., Sept. 22, 2011 /PRNewswire/ -- Cambium Learning Group, Inc. (Nasdaq: ABCD, the "Company"), a leading educational company focused primarily on serving the needs of at-risk and special student populations, announced today that the Company signed a definitive agreement to purchase the assets of Class.com, an industry-leading provider of online learning solutions that engage and inspire students and adult learners with innovative, media-rich courseware, for approximately $4.5 million in cash. The transaction is expected to close in October 2011, and is subject to the approval of Class.com shareholders.
Founded in 1999, Class.com commercializes technology and delivers online courses for grades seven through 12 to schools around the country, and has been an innovator of online curriculum ever since. The courses reflect current learning sciences research and are updated on a regular schedule to integrate new content and technology that's relevant to today's youth.
In addition, Class.com provides accredited instruction through Lincoln National Academy, an online high school where exceptional teachers accompany Class.com's industry-leading courseware. All courses are led by certified teachers endorsed in the subject area they teach. Following established best practices in online learning, teachers utilize a variety of methods to connect with students, including email, chat and logging on with students each day for real-time interaction.
"We are very pleased to add a company to the Cambium Learning family that also focuses on serving the needs of at-risk and struggling learners –something Class.com has done since its inception in 1999, and aligns with our goal to enhance our product lines through additional technology-based programs," says Ron Klausner, chief executive officer of Cambium Learning Group, Inc. "The innovative, online courses offered by Class.com will allow us to expand further into the high school market and, in addition, address market fragmentation as more at-risk students either attend virtual charter schools or take online courses."
Based in Lincoln, Nebraska, Class.com employs approximately 30 people who serve as cross-disciplinary instructional designers, subject-matter experts, classroom teachers and multimedia professionals to develop each course from the ground up for consistent online delivery. For the twelve months ended September 30, 2010 (last audited fiscal year), Class.com achieved revenues of $4.3 million.
"We are very excited to join the Cambium Learning Group family of companies," says Dean Wildman, interim president and chief executive officer. "We believe our media rich, online curriculum in combination with Cambium's sales and marketing resources will give more students the opportunity to learn through the use of Class.com's innovative education technology."
About Cambium Learning Group, Inc.
Cambium Learning Group (Nasdaq: ABCD) is the leading educational company focused primarily on serving the needs of at-risk and special student populations. The company operates three core divisions: Voyager, which provides comprehensive interventions; Sopris, which is known for supplemental solutions; and Cambium Learning Technologies, which comprises IntelliTools®, Kurzweil Educational Systems®, Learning A–Z, and ExploreLearning. Cambium Learning Group is committed to providing research-based solutions that help educators raise the achievement levels of preK–12 students as well as adult learning communities.
Class.com equips educators with the tools to help every student succeed by providing schools and organizations with high-quality, research-based, online learning solutions that cater to the needs of 21st-century learners. Our core and elective courses help teachers individualize instruction and provide alternatives for students who need new ways to learn. Class.com offers access to an exciting new learning community where students can succeed because they're working one-on-one with a skilled teacher, without peer pressure, without fear of failure, and without worry that they can't keep up. We're helping to eliminate achievement gaps, giving confidence to reluctant learners, and energizing educators with the opportunity for one-to-one instruction.
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