Blackboard Completes Acquisition of NTI Group
WASHINGTON, Jan. 31 /PRNewswire-FirstCall/ -- Blackboard (Nasdaq: BBBB), a
leading provider of enterprise software and services to the education
community, announced that it has completed the acquisition of privately-held
The NTI Group, Inc., a leading provider of mass messaging and notifications
solutions for educational and government organizations via voice, email, SMS,
and other text-receiving devices.
Blackboard acquired NTI for $182 million in cash and stock, subject to
certain adjustments. The final purchase price included approximately $132
million in cash and 1.45 million shares of Blackboard's common stock, subject
to certain adjustments. In addition, up to $17 million in consideration may
be paid in stock based on attainment of certain financial targets over the two
years following the close of the acquisition.
The acquisition of the NTI Group moves Blackboard into the fast-growing
alert and notification market, forecast by Yankee Group to grow to an
estimated $1.2 billion in revenue in the United States by 2011, representing a
five-year compounded average annual growth rate of over 30 percent. The
combination of Blackboard and NTI adds another mission-critical offering to
Blackboard's existing suite of enterprise products and fulfills a key
education technology priority. The addition of NTI's Connect-ED(R) offering,
to be rebranded as Blackboard Connect(TM), will allow Blackboard to extend its
leadership in North American higher education and establish a much more
significant presence with U.S. K-12 institutions where NTI has already
established a significant client base.
Blackboard retained Wachovia Securities as its financial advisor and Dewey
& LeBoeuf as its legal advisor. NTI retained UBS Investment Bank as its
financial advisor and Latham and Watkins LLP as its legal advisor.
About Blackboard Inc.
Blackboard is a leading provider of enterprise software and services to
the education industry. The Company's product line consists of five software
applications bundled in two suites, the Blackboard Academic Suite(TM) and the
Blackboard Commerce Suite(TM). Blackboard's clients include colleges,
universities, schools and other education providers, as well as textbook
publishers and student-focused merchants that serve education providers and
their students. Blackboard is headquartered in Washington, D.C., with offices
and staff in North America, Europe, Australia and Asia.
Educate. Innovate. Everywhere.(TM)
Forward Looking Statements
Any statements in this press release about future expectations, plans and
prospects for Blackboard and other statements containing the words "believes,"
"anticipates," "plans," "expects," "will," and similar expressions, including
statements about future financial performance and the expected benefits of the
acquisition and its impact on Blackboard's financial results in future
periods, constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements as a result
of various important factors, including the timing and extent of regulatory
review, the ability of Blackboard to integrate the business, operations and
personnel of NTI following the acquisition, and the ability of both companies
to retain their existing customers and gain new customers before and after the
closing of the acquisition. Other factors that could affect the results
discussed in our forward-looking statements include those set forth in the
"Risk Factors" section of our most recent 10-Q filed with the SEC. In
addition, the forward-looking statements included in this press release
represent the Company's views as of January 31, 2008. The Company anticipates
that subsequent events and developments will cause the Company's 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 Company's views as of any date subsequent to January
SOURCE Blackboard Inc.
CONTACT: Michael J. Stanton of Blackboard Inc., Vice President, Investor
Relations, +1-202-463-4860, ext. 2305