October 14, 2005 – (HOSTSEARCH.COM) – Blackboard and WebCT, two leading providers of enterprise software and services to the education community, announced this week that they would merge. As part of the merger agreement, Blackboard will acquire WebCT for a total of $180 million to combine the academic e-Learning organizations into a single entity with a combined strength of 3,700 academic customers around the world.
The merger of Blackboard and WebCT creates a large, collaborative networked community of academic institutions including colleges, universities, schools and other education providers. Currently, more than 3,700 higher education, K-12, corporate, government and commercial academic institutions enhance their educational offerings with solutions provided by the organizations.
"This merger makes tremendous sense for our clients, shareholders and employees. It marks an unparalleled opportunity for two successful, mission- driven organizations to unify with a singular focus on being the premier partner and platform for educators on a global basis," said Michael Chasen, Blackboard President and Chief Executive Officer. "Together with our clients, we have one of those rare and special opportunities to truly improve the access, quality and efficiency of education on a global scale."
"Both companies are passionate about the academic market and, alongside our respective clients, have truly pioneered the category together," said Carol Vallone, WebCT President and Chief Executive Officer. "Given the alignment of our visions, technologies, and overall strategies, the combination of our two companies will advance the teaching and learning technology industry, benefiting customers worldwide."
Subject to regulatory approval the merger will be completed early 2006. The companies will operate under the Blackboard name with headquarters in Washington, DC, while operations will continue in WebCT's facilities in Massachusetts and Canada. Michael Chasen will serve as the company’s President and CEO. |
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