PLATO Learning, Inc. Announces Acquisition of TeachMaster Technologies Corporation
PLATO Learning, Inc recently announced that it has finalized its acquisition of TeachMaster Technologies, Inc., a research-based educational software development and consulting services firm specializing in the implementation of cross-platform standards-based educational solutions primarily for K-12 school districts. The acquisition, which builds on the PLATO heritage of innovation in education technology adds a number of new products and services to the PLATO product line to help school districts meet state learning standards and benchmarks requirements.
PLATO is acquiring all the shares of privately held TeachMaster for $1.5 million in cash, 18,327 shares of PLATO stock and additional consideration not to exceed $750,000. The additional consideration will be paid only upon TeachMaster achieving its fiscal years 2002 and 2003 revenue and operating profit targets.
TeachMaster’s founder and President, David Braswell will continue to lead TeachMaster’s efforts. Mr. Braswell has over 20 years of education experience as a teacher, principal, superintendent, school board member, and entrepreneur. Mr. Braswell will report to John Murray, President and CEO of PLATO Learning. TeachMaster and its employees will remain in Phoenix, Arizona.
Mr. Murray commented, “There is increasing demand for high quality, standards-based, state and local correlated curricula. Superintendents tell us they want teachers to have access to online databases that fully align assessment questions, instructional content, learning exercises and lesson plans with their state learning and testing standards. They also want teachers to have the ability to automatically manage these important resources, on demand, as they instructionally plan and, based on each student’s need.” Mr. Murray continued, “With the integration of TeachMaster’s 49 state database of over 48,000 state and national standards, and more than 125,000 associated benchmarks, into and aligned with our comprehensive core curriculum products, PLATO is positioned to be the leading provider of both the tools and services needed to achieve meaningful standards-driven results in the classroom.”
Mr. Braswell commented, “We believe the combination of TeachMaster standards driven products and the PLATO courseware and learning management systems will create a powerful new K-12 solution for providing comprehensive, interactive, standards-referenced classroom instruction. PLATO Learning’s heritage of innovation, instructionally sound multimedia courseware, quality service and support, as well as its sustained growth and profitability, make it unique in the educational software industry. We are very excited to join the PLATO Learning family and to team with both PLATO and educators from around the world to design, build and implement educational software and learner management solutions that will truly make a difference in a standards driven education environment.”
About PLATO Learning
PLATO Learning, Inc. is a leading provider of computer-based and e-learning instruction, offering basic to advanced level courseware in reading, writing, math, science, social studies, and life and job skills. The PLATO® Learning System and PLATO® Web Learning Network provide more than 3,500 hours of objective-based, problem-solving courseware and include assessment, alignment and management tools to facilitate the learning process.
With annual revenues of over $68 million, PLATO Learning, Inc. is a publicly held company traded as TUTR on the NASDAQ-NMS. PLATO® educational software is marketed to K-12 schools, colleges, job training programs, correctional institutions, military education programs, corporations and consumers. PLATO software is delivered via networks, CD-ROM, the Internet and private intranets. It is available for immediate purchase and electronic download on the company’s Web site.
PLATO Learning is headquartered at 10801 Nesbitt Avenue South, Bloomington, Minnesota 55437, (952) 832-1000 or (800) 869-2000. The company has domestic offices throughout the United States and international offices in the United Kingdom and Canada. International distributors are located in Puerto Rico, Singapore, South Africa and the United Arab Emirates. The company’s Web address is www.plato.com.
Any statements made regarding the Company’s anticipated revenues, earnings and potential success are forward-looking statements, which are subject to the risks and uncertainties as those described in the Company’s Annual Report on Form 10-K for the year ended October 31, 2000. Actual results may differ materially from anticipated results.
® PLATO is a registered trademark of PLATO Learning, Inc.