RNWK--Continuing Education Web Site Secures $30 Million; New Funding Fuels Rapid Growth for Acadio
BUSINESS WIRE - April 24, 2000 06:20
SEATTLE, Apr 24, 2000 (BUSINESS WIRE) -- Acadio(TM) Corporation, dedicated to helping businesses and professionals reach their full potential through self-directed continuing education, today secured $30 million in its second round of funding.
The company will use the infusion to finance its rapid growth, which includes offering online registration for classroom-based courses as well as online learning, and expanding strategic alliances and product development. Trans Cosmos USA led the financing, with participation from institutional investors The Phoenix Partners and BancShares Capital, as well as individual investors. Acadio's Web site, www.acadio.com, launched on Feb. 29, 2000.
According to Merrill Lynch, businesses in the U.S. spend more than $111 billion on continuing education annually, and International Data Corporation reports that almost half of the adult U.S. population participates in some form of continuing education every year.
"From the very beginning Trans Cosmos has been proud to be a leading investor in Acadio," said Yasuki Matsumoto, president and CEO of Trans Cosmos USA. "We invest in emerging leaders in markets where the Internet adds value to existing business processes. Acadio is that company in the continuing education market."
Matsumoto recognized early the investment opportunity with Acadio. Last fall Acadio raised $3 million in its first round of seed financing, $1 million of which came from Trans Cosmos USA.
"Currently, the continuing education market is fragmented and has poor distribution channels," said investor Dave Duffield, chairman of the board and founder of PeopleSoft. "I believe that Acadio will have a positive impact on how businesses and their employees find, evaluate and purchase continuing education."
"This financing enables Acadio to accelerate its development of an online marketplace for buying and selling continuing education products and services," said Acadio CEO Steven Sperry, who invested $5 million of his own capital to the round. "With this additional capital Acadio is now one of the best financed companies in this emerging market."
Acadio currently provides businesses and professionals with an online resource of more than 15,000 self-study products, including CD-ROMs, books, videos, audiocassettes and other educational materials from more than 100 leading providers of continuing education. Its Web site also offers expert commentary, and will soon include independent product reviews, skills assessment tools and planning resources to help individuals make informed purchase decisions. Later this year Acadio will expand its offerings to allow businesses and professionals to also register online for classroom-based courses, as well as purchase and take online courses.
About Trans Cosmos USA
Trans Cosmos USA is a strategic international investor and an active local business partner for U.S. Internet-based technology companies expanding into the Japanese marketplace. It is the international partner-of-choice, offering capitalization of joint ventures, infrastructure development, strategic relationships, staffing and localization to companies in the American technology sector -- effectively creating a pipeline of technological information to Japan. Trans Cosmos USA's portfolio, which focuses on companies specializing in new media, e-commerce, customer care and marketing services, includes such marquee brand names as DoubleClick Inc. (Nasdaq:DCLK), RealNetworks, Inc. (Nasdaq:RNWK), InterNAP Network Services Corporation (Nasdaq:INAP), f5 Networks, Inc. (Nasdaq:FFIV), Primus Knowledge Solutions, Inc. (Nasdaq:PKSI) and NetRatings, Inc (Nasdaq:NTRT). For more information, please visit www.transcosmos.com.
About The Phoenix Partners
The Phoenix Partners is an early- to mid-stage high technology venture capital firm founded in 1982. The firm has successfully invested in e-commerce, infrastructure, business-to-business marketplaces, online communities, software and computer hardware companies.
About BancShares Capital
BancShares Capital Limited Partnership is managed by Mutual BancShares Capital, Inc., which is a wholly owned subsidiary of EverTrust Financial Group, Inc. (Nasdaq:EVRT).
About Acadio Corporation
Founded in 1999 and headquartered in Seattle, Acadio is dedicated to helping businesses and professionals reach their full potential through self-directed continuing education. Acadio intends to be the premier online destination for businesses and professionals worldwide seeking information, products and services related to continuing education. Businesses and professionals can quickly and easily find, evaluate, compare and purchase continuing education products and services from www.acadio.com. Acadio's Web site provides valuable information and resources to build strengths, sharpen skills, focus direction and expand career opportunities, giving businesses and professionals the edge they need to excel. For more information, call 206/225-5000, or e-mail info@acadio.com. |
