Edvantage Group, an events agency based in Brighton, England with backing by Alliance Venture, Asset Management Co., Foinco Invest, Northzone Ventures and Reitan Invest, has purchased the e-learning division of Futuremedia.
BRIGHTON, England, Sept. 24, 2008 (GLOBE NEWSWIRE) — Futuremedia plc (OTCBB:FMDAY), a leading design, exhibition and events agency, announced today that it has agreed to accept the acquisition bid on its e-learning division (FM Learning) by Edvantage Group (an e-learning company based in Oslo, Norway). The selling of FM Learning, to Edvantage Group offers Futuremedia (and Button Group subsidiary) the unique opportunity to focus on its core business in the exhibition and events industry. The terms of the agreement between Futuremedia and Edvantage Group allows Futuremedia to retain a minority position in the acquiring entity (Edvantage Group) aside from undisclosed cash payments that Futuremedia receives over the next ninety days.
George O’Leary CEO of Futuremedia plc stated, “The time is now for globalization of the e-learning industry. Partners covering the UK, Europe and North America will have the best opportunities for growth in this world economy.” He went on to say, “Edvantage has a proven track record of product innovation and financial performance. We are excited about taking an ownership in this established and expanding company. This is a perfect fit for both companies and it best positions Futuremedia Learning in the marketplace going forward. It will allow for both companies to expand the services and products they can offer to potential clients and partners and therefore significantly increase their coverage in the UK.”
As for the Button Group (Futuremedia’s core business subsidiary), we look forward to focusing 100% of our efforts on executing our business plan. In fact, the acquisition of the FM Learning division by Edvantage Group will make the strategic objectives outlined for the Button Group all the more attainable. During the second quarter, look for us to re-brand the company with a new name that signifies a total break from the past and a focus on the business opportunities for the future.”
Click the following link to view the deal closing photo: http://www.agoracom.com/agoraimages/georgeandthomas.jpg
“I am excited about bringing together the two companies,” says Thomas Berglund, CEO of Edvantage group. “Futuremedia Learning is known for their skill and expertise, particularly in the area of developing e-learning programs customized to specific learning needs. Combined with the skills of Edvantage group’s existing team and our range of products and services, we will have more resources and a stronger presence to serve UK customers and international organizations.”
Andrea Miles, Managing Director, Futuremedia Learning has been named Managing Director, Edvantage group UK. “Futuremedia Learning and Edvantage group share a common passion, culture and focus on delivering high value e-learning solutions. We complement each other very well and joining the two companies will benefit everyone involved,” concludes Miles.
Investors are invited to visit the Futuremedia IR Hub at http://www.agoracom.com/IR/Futuremedia where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to FMDAY@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
About Edvantage Group
Edvantage group, with offices in Oslo, Copenhagen, London, Amsterdam and Stockholm is a solution partner for large organizations, supporting them with a broad set of services to help e-learning become a success within their organization. Edvantage group, a one-stop shop for e-learning content, delivers a guaranteed service level through their patented Learning Gateway. The group also helps customers set up virtual communities related to existing development programs, changing executive development from event-based training to a richer form of continuous development. For more information, visit www.edvantagegroup.com.
Futuremedia plc is a global media company providing exhibition and event services to public and private sector organizations. The Button Group has been providing design, exhibition and event services in Cannes, France and elsewhere around the world for more than 30 years. It maintains offices in Cannes, France, London, and Los Angeles. For more information, visit www.futuremedia.co.uk.
The Futuremedia logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5388