Harland Clarke Holdings Corp., the parent company of Scantron
Corporation, today announced that Scantron has signed a definitive
agreement to acquire GlobalScholar, a privately-held education
technology company. GlobalScholar’s technology solutions are
marketed under the “Pinnacle” brand and are designed to manage the
entire cycle of learning for K-12 students, teachers, parents and
education administrators. The acquisition of GlobalScholar furthers
Scantron’s rapid expansion of web-based education solutions,
combining GlobalScholar’s innovative instructional management
platform with Scantron’s testing and assessment solutions and
Scantron’s recent acquisition of Spectrum K-12 School Solutions’
response to intervention (RTI), student achievement management and
special education software solutions.
GlobalScholar’s award winning Pinnacle Suite ™ supports all
aspects of managing education at K-12 schools, including student
information systems; performance-based scheduler; gradebook;
learning management system; longitudinal data collection, analysis
and reporting; teacher development and performance tracking; and
online communication and tutoring portals. Serving a student
population of more than five million, GlobalScholar partners with
some of the most progressive and innovative school systems in
America. GlobalScholar is based in Bellevue, Washington, and
currently has approximately 330 employees, including a
state-of-the-art software development operation in Chennai,
India.
“GlobalScholar is a recognized leader in developing tools to
allow effective personalization of education while maximizing the
education experience. There is a growing sense of urgency to
provide solutions that will help bring a new level of excellence to
education systems. Scantron and GlobalScholar’s combined solutions
will provide powerful tools for teachers, administrators and
parents, in schools and districts of any size, as they work to
improve the achievement levels for all students,” said Bill Hansen,
president of Scantron and Former United States Deputy Secretary of
Education.
Chuck Dawson, president and CEO of Harland Clarke Holdings
Corp., a wholly owned subsidiary of M&F Worldwide Corp. (NYSE:
MFW), stated, “We are committed to providing solutions that will
enable students and educators to achieve the highest level of
excellence. Comprehensive student information management, efficient
delivery of content, and customizable assessment approaches are
imperative to achieving this goal. We believe the combination of
GlobalScholar, Scantron, and Spectrum K-12 web-based solutions will
provide a powerful approach to meeting the needs of school
administrators while helping students and teachers achieve 21st
century skills and readiness.”
Scantron has utilized technology for more than three decades to
provide assessment and survey solutions to education, commercial
and government organizations. Its reputation is built upon its
pioneering products and services that allow for the rapid, accurate
and reliable capture of student performance data. Scantron’s
Performance Series® is a computer-adaptive diagnostic tool that
assesses student proficiency levels across a range of subjects
which correspond to specific state standards. The award-winning
Achievement Series® is a web-based district-wide assessment
solution that allows K-12 educators to develop and administer
online and paper-based tests, capture immediate results and produce
standards-based reports. Spectrum K-12’s award-winning EXCEED®
platform tracks student data to assess when special intervention or
special teaching methodologies are advisable to further student
achievement. Scantron is also the source of value-added services
like hardware sales, forms and maintenance.
“We are excited to be joining forces with Scantron, whose
assessment and Spectrum K-12 RTI products are natural complements
to the Pinnacle Suite’s 360° approach to student performance,” said
Kal Raman, GlobalScholar’s CEO. Raman founded GlobalScholar based
on the belief and his personal experience that education can be a
transforming force in an individual’s life. “Our goal is to empower
parents and educators with the information, analysis, instruction
and software resources necessary to help every child achieve his or
her personal academic best. Combining with Scantron provides
integral resources necessary to realize this mission.”
Commenting on the announcement, president and CEO of M & F
Worldwide, Barry F. Schwartz, said, “GlobalScholar will
substantially expand Scantron’s ability to deliver the most
cutting-edge solutions to help realize the potential of each and
every student, demonstrating Scantron’s commitment to continue
being the leader in education technology innovations. We welcome
Kal Raman and the GlobalScholar team to the M & F Worldwide
family of businesses.”
The acquisition is expected to close in the first quarter of
2011, subject to the satisfaction of customary closing
conditions.
Forward-Looking Statements
Certain statements made in this announcement contain
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, and Section 27A of the
Securities Act of 1933, as amended, that involve a number of risks
and uncertainties. All statements, other than statements of
historical fact provided herein, may be deemed to be
forward-looking statements. These statements are based on
management’s analysis, judgment, belief and expectation only as of
the date hereof, and are subject to uncertainty and changes in
circumstances. Without limiting the foregoing, statements including
the words “enable”, “further”, “benefit”, “expand”, “maximize”,
“complements”, “empower”, “realize” and other similar expressions
are intended to identify forward-looking statements. Factors that
could cause such forward-looking statements to differ materially
include, but are not limited to: (i) general economic and business
conditions in Scantron’s industry, (ii) future product development
and (iii) the timely and efficient integration of the acquisition
described in this announcement.
Additional factors that could cause actual results to differ
materially from those reflected in the forward-looking statements
include, but are not limited to, the risks discussed in the “Risk
Factors” section included within Harland Clarke Holdings Corp.’s
most recent Annual Report on Form 10-K filed with the Securities
and Exchange Commission (the "SEC"), subsequent quarterly reports
on Form 10-Q filed with the SEC, and the risks discussed in Harland
Clarke Holdings Corp.’s other filings with the SEC.
You are cautioned not to place undue reliance on these
forward-looking statements. Harland Clarke Holdings Corp.
undertakes no obligation to publicly revise any of its
forward-looking statements to reflect events or circumstances that
arise after the date of this report.
About Scantron Corporation
Scantron helps education, commercial, and government
organizations worldwide measure and improve effectiveness with
assessment and survey solutions built on leading products and
comprehensive, value-added services. The company is best known for
its pioneering and exceptional products and services that allow the
rapid, accurate and reliable capture of student performance data.
Scantron continues this trend with innovative software and survey
solutions that leverage its expertise in world-class forms printing
and scanner manufacturing. It is proud to serve 80 percent of the
top school districts in the United States, as well as 70 countries
and 15 Ministries of Education throughout the world that have
chosen Scantron’s scanning solutions for their national assessment
programs. Scantron's K-12 district wide assessment solution helps
educators meet NCLB (No Child Left Behind) requirements and raise
the level of student achievement through a combination of
computer-adaptive diagnostic testing and standards-based formative
assessment. Scantron's solution combines a research-based,
content-rich computer adaptive test known as Performance Series and
a content-neutral, highly flexible assessment product known as
Achievement Series that educators use to develop and administer
online and paper-based tests and receive immediate results. For
more information, visit www.scantron.com.
About Harland Clarke Holdings
Harland Clarke Holdings has three business segments, which are
operated by Harland Clarke, Harland Financial Solutions and
Scantron. Harland Clarke is a provider of checks and related
products, direct marketing services and customized business and
home office products. Harland Financial Solutions provides
technology products and related services to financial institutions.
Scantron is a leading provider of data management solutions and
related services to educational, healthcare, commercial, and
governmental entities. Harland Clarke Holdings is a wholly
owned subsidiary of M & F Worldwide Corp. (NYSE: MFW).
About M&F Worldwide Corp.
M & F Worldwide (NYSE: MFW) has four business segments,
which are operated by Harland Clarke, Harland Financial Solutions,
Scantron and Mafco Worldwide. Harland Clarke is a provider of
checks and related products, direct marketing services and
customized business and home office products. Harland Financial
Solutions provides technology products and related services to
financial institutions. Scantron is a leading provider of data
management solutions and related services to educational,
healthcare, commercial and governmental entities. Mafco Worldwide
produces licorice products for sale to the tobacco, food,
pharmaceutical and confectionery industries.
About GlobalScholar
GlobalScholar empowers educators, parents and students
throughout the entire learning lifecycle, helping schools achieve
educational excellence. Its comprehensive software solution,
Pinnacle Suite, supports all aspects of managing education at K-12
schools, including a student information system, gradebook,
learning management system, and teacher development, analytics and
online learning. The Pinnacle Suite improves productivity so that
teachers are able to spend more time with students, and empowers
educators with data and insights needed to advance teacher
effectiveness and student performance. GlobalScholar also provides
online school finders, tutoring and homework help for students and
parents. GlobalScholar serves more than 1,000 school districts with
a student population of more than five million. To learn more,
visit www.globalscholar.com.
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