|By Business Wire||
|June 28, 2012 11:00 AM EDT||
finalsite, a leading online learning and communications platform for the education industry, today announced it has received a significant investment from Spectrum Equity, a leading private equity firm focused on the information economy.
finalsite delivers a SaaS-based, customized web platform to leading independent and public schools, colleges and organizations seeking to centralize and enhance their online learning and communications offerings. The company’s software integrates with many existing technology providers and provides schools with a single interface to dynamically distribute key communications and all forms of digital content. finalsite delivers its product to customers across the United States and in 41 countries around the world. With Spectrum Equity’s backing, finalsite will aim to strengthen and extend its market leadership position through continued organic growth as well as strategic initiatives in its core and adjacent markets.
Today’s investment represents the beginning of a partnership between Spectrum Equity and finalsite founder Jon Moser. This partnership is a result of Spectrum Equity’s continued focus on the online education and educational technology sector following several years of evaluating opportunities and developing relationships in the industry. Moser has invested alongside Spectrum as part of this transaction, and will continue to lead the company as President and Chief Executive Officer. finalsite will remain headquartered in East Hartford, CT.
Moser commented, “finalsite is committed to serving the needs of our valued clients by delivering comprehensive web solutions on mobile and desktop platforms to the educational community. With our proprietary content management systems, mobile applications, constituent portals, learning management systems and private social networks, finalsite’s state-of-the-art software consolidates and streamlines communications and learning between all constituents in a school community onto a single platform. Our new partnership with Spectrum Equity allows us to continue to provide the best possible technology solutions and develop exciting new products while maintaining our exemplary customer support.”
Steve LeSieur, Principal of Spectrum Equity, said “Our core thesis continues to be that the internet and technology are impacting education at an extraordinary rate. Broader themes such as collaborative online learning, social networking and mobile are driving change across campuses and in classrooms around the world. finalsite has a deeply entrenched global customer base comprised of some of the most prestigious and influential schools in the world. We view these relationships as highly strategic as customers increasingly utilize finalsite’s software to distribute information, content and technology over the web and through mobile devices. finalsite is well positioned to continue to benefit from these compelling trends.”
Brion Applegate, Managing Director and Founder of Spectrum Equity, said “As educational content and communications channels transition online, and students, faculty, parents, administrators and alumni increasingly depend on instant access to information to influence their educational decisions, we are confident that market demand for web-based platforms which facilitate dialogue across these audiences will continue to grow. We are extremely pleased to partner with Jon Moser and the finalsite team who have demonstrated a long track record of profitable growth. We look forward to creating value in this compelling sector.”
As part of the transaction, Moser, LeSieur and Applegate will join finalsite's board of directors. Financial terms of the deal were not disclosed. Spectrum Equity was advised by Latham & Watkins LLP. Selling shareholders were advised by Raymond James & Associates, Inc. and Andros, Flord & Miller, P.C. Silicon Valley Bank provided a senior credit facility as part of the transaction.
finalsite’s online learning and communications platform is utilized by over 1,000 schools and educational organizations and as many as 1 million unique users per day around the world. The platform facilitates the distribution of digital content across school communities and in classrooms via a proprietary, SaaS-based software suite accessed through desktops and mobile devices. In addition, finalsite’s software enables customers to engage dynamically with a wide range of third party data providers including student information systems, learning management systems and social media applications. finalsite is based in East Hartford, CT and has 57 employees. For more information, please visit http://www.finalsite.com.
About Spectrum Equity
Spectrum Equity is a private equity firm focused on investing in growth companies leading the information economy. Spectrum Equity has been an active investor in software and information service providers including iPay Technologies (acquired by Jack Henry & Associates, NASDAQ: JKHY), RiskMetrics Group (NYSE: RMG, acquired by MSCI, NYSE: MSCI), Seisint (acquired by LexisNexis/Reed Elsevier, NYSE: RUK), and World-Check (acquired by Thomson Reuters, NYSE: TRI), as well as digital media franchises including Ancestry.com (NASDAQ: ACOM), Demand Media (NYSE: DMD), NetQuote (acquired by Bankrate, NYSE: RATE), Seamless and SurveyMonkey. Founded in 1994 with offices in Boston and Menlo Park, Spectrum Equity has raised $4.7 billion in capital across six funds.