EDT Learning, Inc., a leading provider of custom e-Learning business solutions, today announced the signing of a definitive agreement to acquire Memphis-based ThoughtWare Technologies, Inc., a pioneering developer of workforce performance solutions that support human capital development. The transaction, which is immediately accretive to earnings, is expected to close within the next two weeks. The consideration of the transaction will be an issuance of common stock by EDT Learning in exchange for all the assets and certain liabilities of ThoughtWare.
During calendar year 2001, ThoughtWare had unaudited revenues of approximately $3 million, of which $1 million was generated through recurring learning management system (LMS) revenues and the balance from outsourced content development fees. ThoughtWare provides Workforce Management Solutions that address HR related issues. Their award-winning suite of tools includes:
* Learning Manager -- helps managers effectively track and administer the learning and development processes, while providing employees with tools and learning resources to focus on skill development. Learning Manager also offers a series of upgrades to help organizations create a collaborative environment for HR, managers and employees to manage the processes that drive individual performance to build organizational performance. These applications integrate and streamline the processes involved in finding, developing, motivating and retaining talented people.
* People Search -- provides tools for sourcing, screening and selecting the right people for the right jobs, quickly and efficiently.
* Performance Coach -- equips managers, supervisors and team leaders with the tools they need to establish goals and provide consistent, meaningful feedback.
* Career Planner -- enables companies to build employee satisfaction and retention by providing employees with tools to match their career objectives with internal opportunities.
