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< Back to 2001 News and Events
Vuepoint, e-learning Provider to the Fortune 500, Secures Over $11 Million in Growth Capital Led By Wheatley Partners
Funding Will Aid in Expanding Client Base, Continuing Superior Customer Service
LONG ISLAND, N.Y., July 24, 2001 - Vuepoint Corp., a business-savvy e-learning company providing a single platform combining a learning content management system (LCMS) and a learning management system (LMS), today announced it has secured over $11 million in growth capital. The investment is led by Wheatley Partners, a private venture firm that has funded and advised companies such as Novell and Cheyenne Software.
"Vuepoint takes a bottom-line approach to e-learning for enterprises. That's a big differentiator, along with a comprehensive package that gives an organization everything it requires for effective and efficient learning," said Barry Rubenstein, General Partner of Wheatley Partners and new addition to Vuepoint's board of directors. "With the e-learning market emerging strongly, Vuepoint's sophisticated technology, experienced management team and proven track record with Fortune 500 companies mean rapid growth for the company."
The round also includes investments from Hudson Venture Partners, Dalewood Associates LP, Dalewood 2 Private Technology Ltd., and Wafr Holdings. EarlyBird Capital acted as placement agent for the transaction. Vuepoint plans to leverage these funds to fuel its expanding client base, as well as continue to provide superior service and immediate response to its customers.
Closely held since 1996, Vuepoint has delivered high-quality, global e-learning services and software to clients such as Motorola, 3Com and Deloitte Consulting. Vuepoint creates smarter organizations by enabling companies to easily turn their proprietary knowledge into competitive business advantage. Vuepoint's systems approach is uniquely positioned to sell internationally and across many industries, poising the company to capture a share of the $11 billion U.S. corporate e-learning market that analyst firm IDC predicts for 2003, up from $2.2 billion in 2000.
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"Given the current economic environment, this funding underscores our strength as a company and an e-learning innovator," said Ara A. Ohanian, President and CEO of Vuepoint. "This will further boost our ability to empower our customers to effectively convert proprietary knowledge into a competitive business asset."
Vuepoint's investing groups have a wealth of technology experience. Wheatley Partners' principals have extensive backgrounds in public market investing, primarily through their involvement in GeoCapital LLC, which has made equity investments in technology companies since 1979 and currently has a portfolio of over $2 billion. Hudson Ventures, Dalewood Associates LP and Dalewood 2 Private Technology Ltd. specialize in private technology companies and have demonstrated expertise in operating and growing companies through every phase of a their life cycles.
This announcement comes after a string of exciting second-quarter news for Vuepoint, including entering into a large engagement with Toyota Motor Sales, U.S.A., Inc. The company also signed new customers I-Planet/SunMicrosystems, the Depository Trust Clearing Corporation, and David Weekley Homes, the second-largest privately owned homebuilder in the United States. Additionally, the Web-based Training (WBT) User Choice Awards honored Vuepoint's learning management system (LMS) and authoring tools as Best in Class. And for the second year in a row, the Long Island Software and Technology Network recognized Vuepoint as one of the 10 fastest-growing companies on the island.
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