WINSTON-SALEM, N.C.--(BUSINESS WIRE)--SilkRoad technology, inc., a leading provider of talent management solutions, has acquired VTN Technologies, Inc., the software-based training innovation firm known for its Olé™ Online Learning Environment. The announcement was made by Andrew J. “Flip” Filipowski, Chairman, President and CEO of SilkRoad technology. Financial terms of the transaction were not disclosed.
VTN’s Olé is a Web-based learning environment with more than 400,000 subscribed users across world-class client organizations including DirecTV and Rockwell Collins. Olé reduces training costs by automating learning development and management processes. The popular online learning environment product will be integrated into SilkRoad’s Life Suite under the new brand name GreenLight™.
“During these challenging times, companies have to accomplish more with less,” said Filipowski. “The Life Suite from SilkRoad greatly contributes to cutting millions in costs, while helping HR departments maintain a positive culture and enable employees to perform at the peak of their capabilities. Adding the VTN Olé Learning Environment to the SilkRoad Life Suite adds another critical component to the tools HR departments need to get the most out of their enterprises’ human resources. One of SilkRoad's most successful products, WingSpan, provides for performance management, succession planning and compensation strategies. The VTN Olé Online Learning Environment will work hand in glove with WingSpan to provide a framework in which critical skills can be added to an employee’s ability to advance, become certified in a vital discipline and accomplish more than expected.”
Today’s VTN acquisition announcement reconfirms the trio of initiatives that SilkRoad technology set forth in May 2008 after closing a $54 million round of equity financing. Since the funding announcement, SilkRoad has invested extensively in internal product development, significantly expanded its worldwide direct sales footprint by opening offices in Singapore and Sydney in September, and has now made a strategic acquisition to accelerate the extension of its product line.
“In our recent study on learning and development, 52% of Best-in-Class organizations had not only integrated their learning and development strategy with their organization's overall strategy, but also had integrated it with their organization's talent management strategy. For these organizations, learning is a critical component of both pre-hire and post-hire talent management initiatives,” said Kevin Martin, vice president and principal analyst for human capital management at Aberdeen Group. “Learning is essential to an individual’s professional development and integral to end-to-end talent management and this acquisition by SilkRoad rounds out its Life Suite.”
Following the close of the transaction, VTN’s senior management team will take up positions with SilkRoad, and the company will maintain offices in VTN’s Edmonton, Alberta base of operations.
“By joining forces with SilkRoad, we are in the enviable position of contributing to an industry leading organization that is truly forward-thinking," said George Uhrich, CEO, VTN Technologies, Inc. “The combined strengths of our learning platform and SilkRoad’s Life Suite offer an unparalleled package of solutions, and we are excited about the tremendous opportunities that lie ahead and look forward to the benefits this will bring to the industry.”
About VTN Technologies, inc.
VTN is a dynamic software company leading the way in technology-based training innovation. VTN's LMS/LCMS product Olé™, Online Learning Environment, gives organizations an easy-to-use, cost-effective, robust learning platform that delivers on the promise of reduced training costs and increased learning effectiveness. VTN, through Olé™, has automated the learning development and management processes, and enabled blended learning strategies that work. Olé™ is built using the latest XML and MS.NET® technology and is SCORM certified.
About SilkRoad technology, inc.
SilkRoad technology, inc. provides software as a service (SaaS) solutions that significantly improve the talent within its more than 800 customers across the globe. Through SilkRoad’s Life Suite™, an integrated talent management solution, companies are able to hire better employees, identify high and low performers, drive a pay-for-performance culture and improve employee tenure. The SilkRoad Life Suite includes OpenHire™ for recruiting management, RedCarpet™ for employee onboarding and life events, WingSpan™ for flexible employee performance management, GreenLight™ for organizational learning, and Eprise™ for employee intranets and content management.
SilkRoad technology is headquartered in Winston-Salem, NC with offices in Bedford, MA; Chicago, IL; West Long Branch, NJ; Jacksonville, Florida; Singapore, Republic of Singapore; Sydney, Australia and Hamburg, Germany. More information is available on the Web at www.silkroad.com or by phone: U.S. toll free at 866-329-3363 or internationally at +1-336-201-5100.