NEW YORK, NY – (November 30, 2006) – Horizon Wimba, the leading provider of collaborative software to the online education market, announced today that it has closed a $10 million equity financing. The financing was led by Tudor Ventures, the private equity arm of Tudor Investment Corporation, with the participation of existing investors, including The Argentum Group, First Analysis Corporation, and Gefinor Ventures. Horizon Wimba will use the funds to accelerate product development and its sales and marketing efforts.
During the past six months, Horizon Wimba has achieved significant milestones including:
· Obtaining esteemed customers such as UMassOnline, San Diego State University, and Drexel e-Learning, and Keele University and Oxford Brookes University in Europe
· Unveiling Pronto, its free, school-centric instant messaging and voice chat tool which integrates with course management systems such as Blackboard
· Introducing the Wimba Podcaster, a tool which makes it easy for instructors to add audio files to their online courses to which students can then subscribe as podcasts
“We now have the resources to accelerate the development of new products and improve our existing ones in order to give our customers across the globe the best collaborative tools for online teaching and learning,” said Tommaso Trionfi, CEO of Horizon Wimba. “Our customers’ students come first and we’ll continue to invest our time and energy into ensuring that they’re equipped with the tools to receive the best education possible. Now, with the addition of Tudor Ventures to our existing investor group, coupled with the recent addition of Carol Vallone, former CEO of WebCT, to our Board, we believe we are well equipped to provide superior service to our customers while continuing to play a leading role in the education field.”
“Our investment in Horizon Wimba is testimony to the growth opportunities in the online education industry and the prominent role Horizon Wimba plays within it,” said Carmen Scarpa, Managing Director of Tudor Investment Corporation. “Based on its robust products and strong relationships with its customers worldwide, we believe that Horizon Wimba has cultivated a prominent name within education and we look forward to watching it continue to flourish.”
East Wind Advisors, LLC, a New York City-based financial advisory boutique focusing on media, education and business services, advised Horizon Wimba in the transaction. Heller Ehrman LLP served as legal counsel to Horizon Wimba.
Tudor Ventures is the venture capital and private equity arm of Tudor Investment Corporation, an internationally recognized, diversified investment management firm with total assets under management in excess of $14.7 billion. Since the early 1990’s, Tudor and its principals have invested in over 65 companies, with a strong record of investment success, and currently manage over $500 million in private equity investments.