SkillSoft vollzieht Akquisition NETgs von The Thomson Corporation
Nashua, New Hampshire (ots/PRNewswire) -
- Unternehmen bestens positioniert für den wachsenden Marktbedarf
an e-Learning und Performance-Support Lösungen, die Lernen mit
Geschäftszielen verbinden
SkillSoft PLC (Nasdaq: SKIL), führender Anbieter von e-Learning
und Performance Support Lösungen für globale Konzerne und
mittelständische Unternehmen, die Öffentliche Hand und
Bildungsanbieter, hat heute den Vollzug der Akquisition NETgs von The
Thomson Corporation bekannt gegeben. Die Akquisition erfolgte für ca.
$270 Millionen in bar, vorbehaltlich üblicher nachträglicher
Anpassungen. Die neue Organisation bietet umfassende
Schulungslösungen bestehend aus Content in verschiedensten Medien,
wie Online-Kurse, Simulationen, Video-Programme und e-Books,
Technologie, wie zum Beispiel Lerner-Managementsysteme sowie
ergänzende Dienstleistungen. Die Akquisition dient SkillSofts Ziel,
die umfassenste und qualitativ hochwertigste Schulungslösung im
globalen e-Learning Markt anzubieten und positioniert das Unternehmen
bestens, um die Anforderungen in diesem Wachstumsmarkt zu erfüllen.
Bereits am 25. Oktober 2006 hatte SkillSoft bekanntgegeben, ein
definitive Vereinbarung zum Kauf von NETg mit The Thomson Corporation
getroffen zu haben.
"Die Akquisition NETgs von The Thomson Corporation bringt
deutliche Vorteile, von denen wir glauben, dass sie substantiellen
langfristigen Kunden- und Shareholder-Value erzeugen werden", sagte
Chuck Moran, SkillSofts President, Chief Executive Officer und
Chairman. "Durch die wesentliche Erweiterung unseres Kundenstamms und
des Produktangebots können wir jetzt mehr in Forschung und
Entwicklung von neuen Produkten investieren. Dies stärkt SkillSofts
Fähigkeit, Kunden in der ganzen Welt mit globalen Schulungslösungen
zu beliefern.
Mit über 1000 ausgewählten NETg-Titeln aus Fachgebieten, die
SkillSoft bisher nicht im Programm hatte, bietet das neue Unternehmen
jetzt über 6,000 e-Learning Kurse in 19 Sprachen, über 14,000 IT- und
Business-Bücher, Zusammenfassungen und Executive Reports sowie über
400 Video-Programme zur Führungskräfteentwicklung. SkillSoft wird
darüber hinaus das NETg-Angebot an virtuellem Live-Training unter dem
Namen SkillSoft Live Training(TM) auf den Markt bringen. SkillSoft
plant, NETg-Content in seinem Lerner-Managementsystem SkillPort(TM)
verfügbar zu machen und wird SkillSoft-Content in die NETg-Management
Plattformen integrieren.
Damit können die Kunden beider Unternehmen kurzfristig auf den
gesamten Content zugreifen während SkillSoft das langfristige Ziel
einer einheitlichen LMS-Plattform verfolgt. Beide Integrationen -
NETg-Produkte in SkillSoft-Plattformen und umgekehrt - sollen im 3.
Quartal des SkillSoft-Geschäftsjahres 2008, d.h. bis November 2007,
vollzogen sein.
Mit der erforderlichen "kritischen Masse" und einer
Unternehmensgrösse, die es erlaubt, kontinuierliche Innovationen und
umfassende e-Learning Lösungen auf globaler Ebene zu entwickeln, ist
SkillSoft jetzt bestens positioniert, um verschiedenste
Kundenanforderungen abzudecken. Das neue Unternehmen verfügt über
erheblich erweiterte Ressourcen, um seinen Kundenstamm von über 3,000
Organisationen optimal zu betreuen.
Der Kaufpreis stellt eine nachträgliche Anpassung des
ursprünglichen Kaufpreise von 285 Millionen Dollar dar, auf Grundlage
der im Kaufvertrag vereinbarten Faktoren.
Das Senior Mangementteam von SkillSoft bleibt in seinen
gegenwärtigen Positionen unter der Leitung von Chuck Moran,
President, Chief Executive Officer und Chairman.
Credit Suisse betreute SkillSoft bei allen Finanzfragen bezüglich
dieser Transaktion WilmerHale unterstützte SkillSoft bei allen
rechtlichen Fragen bezogen auf diese Transaktion.
Financial Impact
Under the terms of the acquisition agreement, SkillSoft paid
approximately US$270 million in cash to Thomson. The purchase price
is subject to certain post-closing adjustments related to NETgs
closing balance sheet. The cash consideration was financed through
available cash balances and bank financing from Credit Suisse of
approximately US$200 million.
The company expects the transaction to be dilutive to GAAP
earnings in fiscal year 2008, ending January 31, 2008, due to
transaction and integration costs along with an adjustment to
deferred revenue as a result of the application of purchase
accounting. However, SkillSoft expects the transaction will be
accretive to GAAP earnings in fiscal year 2009, ending January 31,
2009, as transition costs are reduced and significant cost synergies
are more fully realized. SkillSoft will immediately focus on
validating its restructuring assumptions and developing a more
comprehensive understanding of leveraging the strengths of both
organizations while eliminating redundancy and underperforming
operations and assets. Anticipated revenue synergies may provide an
upside to earnings due to cross-selling opportunities, but are not
required or assumed to make this deal accretive in fiscal year 2009.
NETg offers many of the same financial and operating
characteristics as SkillSofts business model, including an annual
recurring subscription-based licensing model for access to its
learning resources library, a direct sales force distribution system
complemented by resellers and telesales support, and a Global 2000
client base offering visibility through multi-year contracts and
renewal rates. As a result, the acquisition is expected over time to
support both SkillSofts revenue predictability and growth. The
acquisition will also help SkillSoft to reach critical mass and
shorten its timeframe to approach its long term operating
profitability objectives through incremental scalability and
significant cost synergies.
Based on the audited financial statements for the period ended
December 31, 2006, consolidated revenue for the NETg business was
approximately $149 million with corresponding 2006 operating costs of
US$167 million, before depreciation and amortization, corporate
charges and deal costs, which were approximately $6 million, US$11
million and US$18 million, respectively. The net operating loss,
considering all these items was approximately US$53 million.
In addition to its core e-learning content NETg also offers other
products and services, including instructor-led training, custom
consulting services, print-based content and third party content
products. Following the closing, SkillSoft intends to de-emphasize
the focus on selected low margin and low growth product lines and
channels of distribution and to focus on the higher margin segments
of the business consistent with SkillSofts long term growth and
profitability objectives.
In connection with the transaction, SkillSoft will conform revenue
recognition practices relating to all NETg agreements to pro-rata
revenue recognition as well as net accounting for custom contracts
where appropriate, consistent with SkillSofts conservative financial
reporting practices. Where some NETg contracts are converted from
accelerated license based revenues to subscription, we will see a one
time reduction in revenue as revenue recognized under converted
contracts is pushed out to future periods. The purchase accounting
impact of the transaction will cause the combined company to
potentially lose a significant amount of NETgs balance sheet
deferred revenue to goodwill. Finally, the combination will also
result in some commercial overlap that will result in loss of revenue
in the short term. This involves a select number of situations where
the nature of our contract, such as an "all product inclusive"
contract, will result in a renegotiation of fees, or where the
combined offering for common customers drives a more attractive
pricing structure according to our standard fee schedules.
Accordingly, these factors, together with normal business transition
issues and any decisions made to discontinue or divest operations
relating to low margin and low growth product lines and channels of
distribution, will impact the amount of revenue recognized under GAAP
by SkillSoft on a going forward basis. SkillSoft anticipates the
resulting reduction to NETgs historical revenue could be in the
range of 25% to 35% excluding the impact of purchase accounting.
SkillSoft, in connection with the transaction, will also create
intangible assets requiring a non-cash quarterly amortization
expense, incur period expense transition costs and accrue for
transaction and integration costs along with a purchase accounting
adjustment requiring a reduction of deferred revenue mentioned above.
About SkillSoft
SkillSoft PLC (Nasdaq: SKIL - News) is a leading provider of
e-learning and performance support solutions for global enterprises,
government, education and small to medium-sized businesses. SkillSoft
enables companies to maximize business performance through a
combination of comprehensive e-learning content, online information
resources, flexible learning technologies and support services.
Content offerings include business, IT, desktop and compliance
courseware collections, as well as complementary content assets such
as SkillSim(TM) simulations, KnowledgeCenter(TM) portals and online
mentoring services. The Books24x7(R) division offers online access to
more than 14,000 unabridged IT and business books in its collections,
as well as book summaries, executive reports and best practices.
Technology offerings include the SkillPort(R) learning management
system, Search-and-Learn(R), SkillSoft(R) Dialogue(TM) virtual
classroom, SkillView(R) competency management software and the
Enterprise Learning Connection Suite(TM), a set of platform-neutral
modules that can be used to create learning programs tailored to
business needs.
SkillSoft courseware content described herein is for information
purposes only and is subject to change without notice. SkillSoft has
no obligation or commitment to develop or deliver any future release,
upgrade, feature, enhancement or function described in this press
release except as specifically set forth in a written agreement.
SkillSoft, the SkillSoft logo, Ahead of the Learning Curve,
SkillPort, Search-and-Learn, SkillChoice, Books24x7, ITPro,
BusinessPro, OfficeEssentials, GovEssentials, EngineeringPro,
FinancePro, AnalystPerspectives ExecSummaries, ExecBlueprints,
Express Guide and Dialogue are trademarks or registered trademarks of
SkillSoft PLC in the United States and certain other countries. All
other trademarks are the property of their respective owners.
This release includes information that constitutes forward-looking
statements made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Any such forward-looking
statements involve risk and uncertainties that could cause actual
results to differ materially from those indicated by such
forward-looking statements. Factors that could cause or contribute to
such differences include the ability of SkillSoft to successfully
integrate NETgs operations and employees; the ability to realize
anticipates synergies and cost savings; competitive pressures;
changes in customer demands or industry standards; adverse economic
conditions; loss of key personnel; litigation; and the other risk
factors disclosed under the heading "Risk Factors" in SkillSofts
Annual Report on Form 10-K for the fiscal year ended January 31, 2007
as filed with the Securities and Exchange Commission. The
forward-looking statements provided by the Company in this press
release represent the Companys views as of May 14, 2007. The Company
anticipates that subsequent events and developments may cause the
Companys views to change. However, while the Company may elect to
update these forward-looking statements at some point in the future,
the Company specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing
the Companys views as of any date subsequent to the date of this
release.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding
SkillSoft Corporations business which are not historical facts are
"forward-looking statements" that involve risks and uncertainties.
For a discussion of such risks and uncertainties, which could cause
actual results to differ from those contained in the forward-looking
statements, see "Risk Factors" in the Companys Annual Report or Form
10-K for the most recently ended fiscal year.
Company Contact:
Tom McDonald
Chief Financial Officer
+1-603-324-3000,x4232
Investor Contact:
Michael Polyviou/ Peter Schmidt FD
+1-212-850-5748
Media Contact:
Stefan Janssen
+49-(0)211-1643-453
Mobile: +49-(0)172-2020-613
stefan.janssen@thomson.com
Analyst Contact:
Donna Keenan
PR Manager
+1-603-821-3211,
Donna_keenan@skillsoft.com
Originaltext: SkillSoft plc
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