WebCT continues to post record financial results

LYNNFIELD, Mass., Aug. 20, 2002 – WebCT, the world’s leading provider of integrated e-learning systems for higher education (http://www.webct.com/), today announced that revenues for the first half of 2002 have more than doubled over the same period last year. Total revenue is up 122 percent, license revenue is up 131 percent, and publisher/content revenue is up 560 percent over the first half of 2001.

WebCT added more than 400 new customers in the first half of 2002, a number that is ahead of last year’s pace. The healthy growth in customers is attributed to the expanded product line along with the customer-driven enhancements made to existing product offerings. The following institutions specifically chose WebCT over competitive offerings:

Alaska Vocational Technical Center

Bates College

College Misericordia

Connecticut State Universities Online (Online CSU)

Deakin University (Australia)

GCI

Kentucky Virtual University

New England College of Optometry

New Jersey Virtual Community College Consortium Preston College (UK)

St. John’s University

St. John’s College (UK)

SUNY Albany

Texas A&M University – Kingsville

West Lakes College (UK)

“It’s a tremendous vote of confidence in our company and in e-learning that our sales and revenues are stronger than ever,” said Carol Vallone, WebCT’s president and CEO. “This confirms the fact that new and existing customers have netted quantifiable benefits from their e-learning programs both academically and financially.”

WebCT expanded its product offerings earlier this year with the addition of WebCT Vista, higher education’s first and only Academic Enterprise System (AES). The AES is a new category of e-learning software that goes beyond the boundaries of individual course management, providing higher education institutions with an integrated, enterprise-class e-learning system that mirrors their existing structure, operations and workflow. More than 50 institutions have already signed up for WebCT Vista, including the University System of Georgia.

Additionally the company also released a new version of its course management system, WebCT Campus Edition 3.8, with new content management, cross-listing and multi-language capabilities that make e-learning faster, easier and more intuitive.

WebCT’s customers recently affirmed the strength of the WebCT solution by turning out for the company’s annual user conference in unprecedented numbers. Defying the trend toward lower conference attendance and slashed travel budgets, WebCT drew a crowd of over 1,300 to its Fourth Annual WebCT User Conference July 22-26 in Boston. Educators traveled to the conference from more than 500 institutions in 23 countries from as far away as Australia.

“These financial results prove e-learning is a strong force in higher education and that WebCT is helping customers not just transform their e-learning offerings but achieve their mission critical goals,” said Vallone. “WebCT is instrumental in empowering our customers to leverage their institutional resources, manage aggressive growth, and impact student performance.”

About WebCT

WebCT is the world’s leading provider of integrated e-learning systems for higher education. Over 2,600 colleges and universities in over 80 countries worldwide are using WebCT’s products and services to transform the educational experience of their students. Consortia in 24 American states, four Canadian provinces, two Australian territories, the Association of Jesuit Colleges and Universities and the Consortium of Distance Education have licensed WebCT for their member institutions, making it the de facto standard in higher education. For more information, please visit http://www.webct.com/.