Blackboard Inc.'s Merger with WebCT, Inc. Receives Regulatory Clearance
- Company Expects to Close Transaction in March or April -
2/6/2006 7:01:35 AM
WASHINGTON, Feb 06, 2006 /PRNewswire-FirstCall via COMTEX/ -- Blackboard Inc. (BBBB), announced today that it has been given clearance by the U.S. Department of Justice to complete the merger of Blackboard and WebCT, Inc. The United States Department of Justice has terminated its review of Blackboard's proposed acquisition of WebCT, Inc. under the Hart-Scott-Rodino Act and with the completion of the review, Blackboard expects to close the transaction in March or April, subject to customary closing conditions.
Blackboard President and CEO Michael Chasen said, "We believe that this transaction will greatly benefit academic institutions everywhere as well as our shareholders and employees. We are pleased with the outcome of the review and appreciate the efforts of the Department of Justice and all parties involved in completing a thorough evaluation."
Currently, more than 3,700 higher education, K-12, corporate, government and commercial academic institutions enhance their learning environments with solutions offered by the two organizations. Bringing Blackboard and WebCT together provides an innovative platform for supporting their technology infrastructure. Further, it breaks down barriers and enables collaboration across institutions by developers and end-users at a critical time in the evolution of e-Learning technologies.
About Blackboard
Blackboard is a leading provider of enterprise software and services to the education industry. The Company's product line consists of five software applications bundled in two suites, the Blackboard Academic Suite(TM) and the Blackboard Commerce Suite(TM). Blackboard's clients include colleges, universities, schools and other education providers, as well as textbook publishers and student-focused merchants that serve education providers and their students. Blackboard is headquartered in Washington, D.C., with offices and staff in North America, Europe and Asia. |
