Sep, 2001 : Pathlore Secures $10 Million in Financing
📅 - Pathlore (pathlore.com), a popular e-learning solution provider, announced today that it has secured $10 million in its first round of institutional funding from Seaport Capital.
The funding will support Pathlore's future growth plans, including salesforce expansion, product enhancements and acquisition opportunities.Pathlore, a privately held company with more than 2,500 corporate customers,has profitably grown every year since its inception in 1995. Pathlore, whosecurrent investors include Computer Associates, has annual revenue ofapproximately $25 million.
"It is clear to us that Pathlore has the right combination of leadership,execution and vision to flourish in the e-learning marketplace," said JimCollis, a partner at Seaport Capital. "By providing funding to a profitable,well-established company like Pathlore, Seaport Capital is underscoring itsbelief that Pathlore's proven business model, senior management team andlearning management system will maintain the company's position as a premiere-learning solutions provider."
Pathlore's e-learning solutions consist of the Pathlore Learning ManagementSystem and a broad range of comprehensive services and complementaryofferings from its Partner Network. As the digital backbone for corporatelearning, Pathlore LMS lets companies plan, deliver and manage e-learning,including instructor-led, Web-based and live online collaborative events.
Pathlore's services include custom content development, strategic andimplementation consulting, training andapplication service providerhosting. Pathlore also has a Content Partner Network that includes over8,500 courses from partners such as Coastal Training Technologies, ElementK, Instruction Set, MindLeaders, NETg, SkillSoft and Smartforce. PathloreLMS already is delivering e-learning to millions of learners in thousands ofcompanies worldwide, notes Cushing Anderson, program manager for LearningServices Research at International Data Corp.
"Pathlore combines a first-class online learning experience with solutionsto real-world training and logistics challenges," Anderson said. "Companieslike Pathlore, that demonstrate both an understanding of the complexity ofthe problem and an understanding of how adults learn, will continue to growin this marketplace." Pathlore customers include PNC Bank, Raytheon,Corning, Union Pacific, Ford Motor Co., Southwest Airlines, UnitedTechnologies Corp., Vodafone, Merck, State of Missouri, Illinois StatePolice and the U.S. Department of Defense. The Global 2,000 as well asgovernments and agencies at the national and state levels dominatePathlore's customer base. Pathlore has the largest installed customer baseof any LMS provider.
"Obtaining funding in this difficult market validates the strengths ofPathlore's products, customer base and business model," said Trace A. Urdan,senior analyst with WR Hambrecht & Co., where he covers education ande-learning stocks. "Differentiating itself with an e-learning solution thatdelivers a rapid ROI has been key to the success of Pathlore, whichcurrently counts 75 percent of the Fortune 100 companies as itscustomers.""The quality and quantity of the financial backing that Pathlorehas received, especially in the current economic climate, validates ourmission of building a solid company and capitalizing on a market opportunitythat is both viable and sustainable before seeking external funding," saidSteve Thomas, president and CEO at Pathlore.
"With the support of Seaport Capital, we are confident that we will continueto solidify our position as the leader in the e-learning marketplace."
The funding will support Pathlore's future growth plans, including salesforce expansion, product enhancements and acquisition opportunities.Pathlore, a privately held company with more than 2,500 corporate customers,has profitably grown every year since its inception in 1995. Pathlore, whosecurrent investors include Computer Associates, has annual revenue ofapproximately $25 million.
"It is clear to us that Pathlore has the right combination of leadership,execution and vision to flourish in the e-learning marketplace," said JimCollis, a partner at Seaport Capital. "By providing funding to a profitable,well-established company like Pathlore, Seaport Capital is underscoring itsbelief that Pathlore's proven business model, senior management team andlearning management system will maintain the company's position as a premiere-learning solutions provider."
Pathlore's e-learning solutions consist of the Pathlore Learning ManagementSystem and a broad range of comprehensive services and complementaryofferings from its Partner Network. As the digital backbone for corporatelearning, Pathlore LMS lets companies plan, deliver and manage e-learning,including instructor-led, Web-based and live online collaborative events.
Pathlore's services include custom content development, strategic andimplementation consulting, training andapplication service providerhosting. Pathlore also has a Content Partner Network that includes over8,500 courses from partners such as Coastal Training Technologies, ElementK, Instruction Set, MindLeaders, NETg, SkillSoft and Smartforce. PathloreLMS already is delivering e-learning to millions of learners in thousands ofcompanies worldwide, notes Cushing Anderson, program manager for LearningServices Research at International Data Corp.
"Pathlore combines a first-class online learning experience with solutionsto real-world training and logistics challenges," Anderson said. "Companieslike Pathlore, that demonstrate both an understanding of the complexity ofthe problem and an understanding of how adults learn, will continue to growin this marketplace." Pathlore customers include PNC Bank, Raytheon,Corning, Union Pacific, Ford Motor Co., Southwest Airlines, UnitedTechnologies Corp., Vodafone, Merck, State of Missouri, Illinois StatePolice and the U.S. Department of Defense. The Global 2,000 as well asgovernments and agencies at the national and state levels dominatePathlore's customer base. Pathlore has the largest installed customer baseof any LMS provider.
"Obtaining funding in this difficult market validates the strengths ofPathlore's products, customer base and business model," said Trace A. Urdan,senior analyst with WR Hambrecht & Co., where he covers education ande-learning stocks. "Differentiating itself with an e-learning solution thatdelivers a rapid ROI has been key to the success of Pathlore, whichcurrently counts 75 percent of the Fortune 100 companies as itscustomers.""The quality and quantity of the financial backing that Pathlorehas received, especially in the current economic climate, validates ourmission of building a solid company and capitalizing on a market opportunitythat is both viable and sustainable before seeking external funding," saidSteve Thomas, president and CEO at Pathlore.
"With the support of Seaport Capital, we are confident that we will continueto solidify our position as the leader in the e-learning marketplace."
Reads: 1183 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/pathlore927.cfm
Want to add a website news or press release ? Just do it, it's free! Use add web hosting news!