Learn.com Acquires Learn2's Elearning Content
Posted on August 21, 2002Learn2 Corporation announced that it has sold the assets of its elearning business to Learn.com, headquartered in Sunrise, Florida. Learn.com has acquired all of Learn2's elearning content, technologies and other assets and intellectual property, including the name "Learn2" and the domains learn2.com and tutorials.com. In addition, Learn.com has acquired and will support Learn2's elearning customer base. Learn2 will change the name of the Company within the next thirty days.
Learn.com has developed and markets LearnCenter an AICC and SCORM compliant Learning Management System and expects to integrate Learn2's patented technologies and content to provide a complete end-to-end elearning solution. Under the agreement, Learn2 has received an upfront payment of $325,000 and could receive as much as $3.7 million under an earnout over the next sixty months. Learn.com said it will offer employment to many of Learn2's elearning employees.
"We have been examining strategic options for the Company and believe that by exiting the elearning business and combining Learn2's courseware and product line with Learn.com's LearnCenter Learning Management System we will achieve the best overall result for our shareholders, customers and employees. Going forward, we will focus our efforts on our existing permission email marketing business, Etracks," said Robert "Bo" Ewald, Executive Chairman of the Board of Directors of Learn2.
Etracks.com Inc., a subsidiary of Learn2 Corporation provides permission-based email marketing solutions and services. Etracks' services include: campaign strategy, creative development, customized database management, message distribution, in-depth reporting capabilities and response analysis. Founded in 1998, Etracks is headquartered in Belmont, California.