e-Learning Firm TechOnLine Has $7.5 Million Third Round
Boston, MA — TechOnLine, Inc., a provider of online learning resources and technology for the electronics community, said raised $7.5 million in its third round of financing.
This investment comes on the heels of the company’s recent announcement to expand its core business to focus on the development of its e-Learning solutions for the electronics industry. The funds raised in this round of financing will be used for new product development and enhancements of TechOnLine’s e-Learning products and services designed to meet the on-line training needs of electronics companies. Additionally, the funds will further support the development of TechOnLine’s community-based web site that provides a wealth of educational resources and industry information to electronics engineers.
In addition to the new funding, TechOnLine announced that it has appointed Derek Dunaway as chief executive officer (CEO) of the company on an interim basis. Mr. Dunaway will assume overall management responsibility of the company while a search is conducted for a permanent CEO over the next six to nine months. As interim CEO, Derek will be focused on the company’s financial operations and helping the company to achieve profitability in 2001. Amnon Aliphas, founder and former CEO of TechOnLine, will become vice chairman of the board of directors, and will continue to provide vision and lead the strategic direction of the company.
“It has always been our goal to provide essential educational products, services, and resources to design engineers and electronics manufacturers,” said Dr. Amnon Aliphas, founder and vice chairman of TechOnLine. “Since its inception, the company has experienced tremendous growth, and it is now time to enlist professional management to lead the company to the next level. With Derek focused on the business operations, I can focus my efforts on the strategic direction of the company and serving the needs of our customers and community.”
“With the current market conditions, it has become extremely difficult for Internet companies to raise money. This third round of financing from SCP is testament to their belief in the success of TechOnLine, and the value we bring to the electronics community,” said Derek Dunaway, CEO of TechOnLine. “I look forward to working with a growing, revenue-generating company that has a sound business model, and is poised to dominate the technical e-Learning market.”
Mr. Dunaway comes to TechOnLine from Selway L.L.C., and brings extensive experience managing companies in the e-Learning and Internet space. Previously, Mr. Dunaway has worked with AppNet as a Director of Internet Strategy Consulting and with PricewaterhouseCoopers as a consultant in their Telecommunications and Media Group. Mr. Dunaway has an MBA from the Wharton School and a BA from Southern Methodist University.
About TechOnLine, Inc.
TechOnLine delivers e-Learning solutions and educational resources to the electronics community. Through innovative e-Learning products and services, TechOnLine gives electronics manufacturers a competitive advantage by enabling them to reach and educate their employees, distributors, and customers. This efficient and cost-effective on-line training helps ensure the success of their complex products by delivering critical information at the right time. TechOnLine also provides on-line education, including courses on products and technologies, in-depth technical articles, and industry information. This provides design engineers with the training and resources necessary to make informed decisions and achieve superior designs. Additional information can be found at www.techonline.com
About SCP Private Equity Partners
SCP Private Equity Partners, L.P. (SCP) is a private equity investment firm managing $765 million of private capital. SCP makes post-venture stage investments in rapidly growing companies across a broad range of industries. Additional information can be found at www.scppartners.com.