ANN ARBOR, Mich., April 15, 2013 /PRNewswire/ -- XanEdu, Inc., the leading innovator of custom course materials, announces that it has accepted a major financial investment to accelerate market expansion through the development of new services and technology.
Plymouth Management Company's (PMC) Plymouth Venture Partners Fund II (PVP II), based in Ann Arbor, MI, and Superior Capital Partners LLC, based in Detroit, MI, provided this recent round of financing for the 14-year old company, which has nearly 100 employees in offices in Ann Arbor, MI, Louisville, KY, and Acton, MA.
"We're excited to be partnering with XanEdu," remarked Mark Horne, Chief Executive Officer, PMC. "Our due diligence revealed the proven potential for XanEdu to expand its leading position in the higher education custom textbook and e-learning market. XanEdu contributes to student success by efficiently and economically delivering relevant course materials in addition to offering a compelling and user-friendly digital platform solution. We're confident that they have the right strategy and management team in place to continue delivering on its mission."
XanEdu has been part of the Superior Capital Partners LLC portfolio since 2009. The renewed investment from Superior demonstrates its ongoing confidence and commitment to XanEdu's ability to execute and achieve its aggressive growth objectives.
Mark Carroll, Managing Partner, Superior Capital Partners LLC, stated: "XanEdu experienced record growth last year. This additional investment will further enhance XanEdu's ability to deliver high-value products and services that improve learning outcomes and provide necessary alternatives to the rising costs of traditional, off-the-shelf textbooks."
"This engagement with Plymouth and Superior Capital provides XanEdu with the resources to accelerate the transformation of XanEdu from the leading course pack provider to a dynamic e-learning company," said Alar Elken, Chief Executive Officer, XanEdu, Inc. "Education is becoming more portable, more dynamic and more engaging. Students are demanding mobility, interactivity, and currency. Education is no longer limited to static materials – it's about an integrated, personalized learning ecosystem. We have the resources in place to assist instructors, students, and institutions in accessing greater choices and in providing greater flexibility in their learning materials at a lower price point than traditional solutions. We're excited about the strategic value these partnerships will bring to enable the continued evolution of our technology and market solutions."
XanEdu custom course materials are used by more than 630,000 students at 1,000 institutions. Folio-X, XanEdu's award-winning e-learning solution, was launched in December 2010, the same year the iPad was introduced. This financing will enable XanEdu to expand the capabilities of the Folio-X platform and accelerate its growth initiatives including new publisher partnerships, content development/course design offerings, and custom publishing editorial services.
SOURCE XanEdu, Inc.