UCD campus company WBT
closes $20 million equity investment deal
WBT, a UCD campus company and the leading provider of B2B e-Learning management solutions, has announced the completion of an over-subscribed $20 million equity financing. Funding participation is by leading UK and Irish institutional investors plus WBT's existing investors, London-based 3i Group plc and Delta Partners.
This investment brings funding for the company to a total of $30 million since its inception, and it represents one of the largest investments ever in the e-Learning market. "It is of particular significance to UCD since WBT is the first UCD campus Company to be valued at over $100m," said Dr Pat Frain, Director of UCD's University Industry Programme.
This new funding will be targeted at expanding the company's sales and marketing activities as well as enhancing the company's award-winning TopClass™ product line. WBT Systems have sales of almost $3million last year and is targetting $10million this year. In the next nine months, the company plans to double its workforce to 150.
About WBT
WBT is a Dublin and Boston based software house which was founded as a UCD campus company in 1995.
WBT's TopClass family of products powers the creation and delivery of web based training. The company has the largest customer base of any B2B e-Learning management solution with over 600 sites and 3 million users worldwide. Organisations like Nokia, Dow Chemical, First Union Bank, ST Microelectronics, and Pricewaterhouse Coopers use TopClass. With headquarters in Massachusetts, the company has major offices in San Francisco and Dublin, Ireland.
TopClass is a trademark of WBT.
For further information, contact: www.wbtsystems.com
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