SCT today announced that on October 23, 2002 it completed the acquisition of privately held Campus Pipeline, Inc., located in Salt Lake City, UT for approximately $41.6 million. At the time of closing, Campus Pipeline had approximately $11 million in cash.
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SCT's acquisition of Campus Pipeline extends its market leadership position by adding higher education's most widely used portal, integration, and content management technologies to its already broad portfolio of products and services. SCT's Campus Pipeline technologies currently provide more than 200 colleges and universities with the ability to build, unify, and extend their digital campus environments to more effectively meet their constituents' needs and more efficiently reach their institutional objectives. These newly acquired technologies and services will be central to the delivery of SCT's e-Education Infrastructure for higher education, providing SCT and the institutions it serves with a platform for rapid design, development, and deployment of new products and services.
SCT's e-Education Infrastructure for higher education is a comprehensive framework for leveraging an institution's technology, systems, and services for greater operational effectiveness in teaching, learning, research, and administration. With the addition of the Campus Pipeline family of products, SCT's e-Education Infrastructure will provide institutions with a flexible, user-centric approach for delivering critical tools and information to the right person, at the right time, through the right medium. In this new paradigm, institutions can capitalize on new technologies, applications, and services to meet and even surpass their constituents' high expectations for personalized delivery of information and services.
"We expect the acquisition of Campus Pipeline to play a significant role in SCT's ability to provide the complete e-Education Infrastructure to higher education," said Mike Chamberlain, president and chief executive officer of SCT. "The combined strengths of the two companies position SCT to help institutions provide a rich and personalized education experience for its constituents through solutions that reach beyond traditional ERP systems, portals, and e-learning applications."
The acquisition brings together two leaders in higher education technology and creates a single source for comprehensive e-education technology solutions. The uniting of the two companies is expected to result in greater innovation and quicker time-to-market for solutions that optimize both SCT and Campus Pipeline technologies.
The Campus Pipeline acquisition follows earlier acquisitions this year of Applied Business Technologies and the Exeter line of business from Sallie Mae. Collectively these acquisitions are expected to expand SCT's ability to deliver on its vision of the e-Education Infrastructure and enhance its revenue base.
About SCT
SCT, the global e-education solutions leader with over 34 years of native higher education experience, is the only company to offer higher education a choice in both technology and products that best serve the unique needs of institutions of any size and complexity. The Company provides enterprise-wide e-Education solutions that include applications, technology, and services that support higher education's administration of teaching, learning and research. SCT works collaboratively with clients and partners to provide an e-Education Infrastructure that enables institutions to serve 21st-century learners. SCT has more than 1,300 higher education clients worldwide, representing more than 8 million learners. SCT's global headquarters is located in Malvern, PA, and the Company has several offices around the world. For more information visit http://sct.com/.
The matters discussed in this press release that are forward-looking statements are based on current management expectations that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Potential risks and uncertainties include without limitation: the Company's ability to complete development of and enhance the products acquired efficiently and cost effectively; the ability of SCT to integrate the operations of Campus Pipeline with SCT's operations in an efficient and cost- efficient manner; the ability of the Company to effectively market the acquired products; the success of SCT's strategy for delivering enterprise- wide education technology solutions through SCT's e-Education Infrastructure; the ability of competitors of SCT to provide similar solutions in a timely manner; the impact on SCT of areas such as the Internet, online services and electronic commerce; continued market acceptance of the Company's products and services including those products acquired; the timing of the receipt of software licenses; competitive and pricing pressures in the markets which the Company serves; the Company's ability to complete fixed price contracts profitably including the contracts acquired; the timing of the receipt of services contracts and renewals; the Company's ability to develop and market innovative products and enhancements cost-effectively and on a timely basis; the Company's ability to attract and retain highly skilled technical, managerial, sales and marketing personnel including its ability to retain those employees transitioned to the Company as a result of the acquisition; general economic conditions; and other risks and uncertainties more specifically set forth in the Company's filings with the Securities and Exchange Commission.
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CONTACT: Eric Haskell, Executive Vice President & CFO of SCT Investor Relations, +1-610-578-5175 or ehaskell@sct.com; or Andy Cooley, Senior Vice President, Marketing of SCT Product & Marketing Operations, +1-801-257-4131 or acooley@sct.com
Web site: http://www.sct.com/
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