News & Events - News
KnowledgePlanet Raises $47 Million in Second Financing Round
RESTON, Va. — 04 December 2000 — Investment demonstrates strength of KnowledgePlanet's position in explosive eLearning and workforce performance management market KnowledgePlanet announced today that it has closed a $47 million round of financing with a group of leading technology investors including GE Equity, HarbourVest Partners, DHM Arcadia Partners, First Union Capital Partners, AIG Horizon Partners and other prominent institutional investors. This new financial support marks the largest round of funding secured by the company to date, and solidifies its position as a leading global provider of Internet software solutions that power eLearning and workforce performance management.KnowledgePlanet will use the funds to accelerate sales and marketing initiatives globally -- specifically the build-out of the business infrastructure required to support the company's continued rapid growth; entry into new geographic markets such as Europe and Asia; and further penetration of vertical industry markets including financial services, energy, high technology and pharmaceutical.
KnowledgePlanet's web-based Workforce Performance Management software, delivered through an always-on application services provider (ASP) model, provides the core infrastructure necessary for Global 2000 companies to assimilate business-based learning strategies into the culture of their organizations.
KnowledgePlanet is the only company that combines technology and services with partner consulting and "Planet Certified" content to offer complete solutions to customers, resulting in improved return on investment for training and development initiatives; rapid deployment of eLearning strategies; better alignment between employee competencies and business objectives; and faster time-to-market through an adaptive, always learning workforce.
"We are extremely excited about the potential this funding brings to KnowledgePlanet and our ability to continue delivering innovative solutions for human capital development," KnowledgePlanet CEO Alan Todd said. "This funding reflects investor confidence in our distinctive software solutions and our ability to exploit eLearning and workforce performance management market opportunities."
GE Equity, the private equity arm of General Electric Co., and DHM Arcadia Partners co-led this round of financing. "With its comprehensive learning management system, KnowledgePlanet is well positioned to be the primary delivery channel for innovative eLearning to the desktops of the Fortune 500," Elliot Royce, senior vice president of GE Equity, said. "The backing by these leading investment firms reflects our belief in KnowledgePlanet's strong management team, innovative Internet application suite and sound business model."
First Union Capital Partners, HarbourVest Partners and AIG Horizon Partners provided significant funding for this round. Other institutional investors in this round include Merrill Lynch Taurus Fund, Dain Rauscher Wessels, Amerindo Investment Advisors, SK Global and Quad Ventures. HarbourVest Partners and Knowledge Universe were the original institutional investors in the company.
About KnowledgePlanet
KnowledgePlanet provides Internet Workforce Performance Management software for Global 2000 companies seeking to achieve a competitive advantage through people. KnowledgePlanet's rapidly deployable Internet application suite powers enterprise eLearning and workforce performance management solutions.
KnowledgePlanet's customers include leading global companies such as Avon, BMW, Booz-Allen & Hamilton, Chevron, Cracker Barrel, Fidelity Investments, General Motors, Glaxo Wellcome, Hershey Foods, Marsh McLennan, Morgan Stanley Dean Witter, Nike, Northwestern Mutual, PricewaterhouseCoopers, Prudential and Zurich Financial.
About GE Equity
GE Equity, a subsidiary of GE Capital, is the private equity arm of GE. GE Capital, with assets of more than $345 billion, is a global, diversified, financial services company with 28 specialized businesses.
A wholly owned subsidiary of General Electric Co. (ticker "GE"), GE Capital, based in Stamford, Conn., provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world.
GE is a diversified services, technology and manufacturing company with operations worldwide.
About HarbourVest
HarbourVest Partners, LLC was established in 1982, and is now one of the largest private equity investment firms in the world, managing assets of more than $10 billion. HarbourVest has developed expertise in the areas of Internet infrastructure, networking, telecommunications and software.
In the last two years, HarbourVest has deployed more than $500 million in over 40 growth stage enterprises. The firm currently has investments in the United States, Canada, Europe, Asia and Latin America.
Previous investments include Centra Software, Clarus Corp., Commtouch Software, Ceragon Networks, Esprit Telecom Group PLC, Daleen Technologies, Digital Insight, Manugistics, NETCOM On-Line, Network Engines, Radware, Trintech Group PLC, UUNET Technologies, Via Net.Works and Vixel Corp. HarbourVest has offices in Boston, London and Hong Kong. More information can be found at http://www.harbourvest.com/.