Blackboard Inc.'s Merger with WebCT, Inc. Receives Regulatory Clearance
- Company Expects to Close Transaction in March or April -
WASHINGTON, Feb 06, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Blackboard Inc.
(Nasdaq: BBBB), announced today that it has been given clearance by the U.S.
Department of Justice to complete the merger of Blackboard and WebCT, Inc.
The United States Department of Justice has terminated its review of
Blackboard's proposed acquisition of WebCT, Inc. under the Hart-Scott-Rodino
Act and with the completion of the review, Blackboard expects to close the
transaction in March or April, subject to customary closing conditions.
Blackboard President and CEO Michael Chasen said, "We believe that this
transaction will greatly benefit academic institutions everywhere as well as
our shareholders and employees. We are pleased with the outcome of the review
and appreciate the efforts of the Department of Justice and all parties
involved in completing a thorough evaluation."
Currently, more than 3,700 higher education, K-12, corporate, government
and commercial academic institutions enhance their learning environments with
solutions offered by the two organizations. Bringing Blackboard and WebCT
together provides an innovative platform for supporting their technology
infrastructure. Further, it breaks down barriers and enables collaboration
across institutions by developers and end-users at a critical time in the
evolution of e-Learning technologies.
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 and Asia.
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 the expected impact of the acquisition on Blackboard's
earnings per share 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 of the closing, the ability of Blackboard to integrate the business,
operations and personnel of WebCT 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 February 6, 2006. 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 February 6, 2006.
SOURCE Blackboard Inc.
Michael J. Stanton of Blackboard Inc., +1-202-463-4860 ext. 2305