MINNEAPOLIS--(BUSINESS WIRE)--Qumu (NASDAQ: QUMU), the leading provider of best-in-class video technology for the enterprise, announced that iStudy Co., Ltd., Qumu’s sales partner in Japan, has agreed to pay Qumu $1 million in non-refundable Qumu Cloud license fees, with $500,000 due on May 30, 2018 and $500,000 due on September 1, 2018. The agreement further expands the strategic relationship between the companies, guarantees iStudy the services necessary to support its rapidly growing base of Qumu Cloud customers, and injects cash into Qumu’s operations.
“This agreement with our exclusive channel partner in Japan is a direct reflection of the Qumu platform’s success and popularity in the Asia-Pac market,” said Vern Hanzlik, President and CEO of Qumu. “With their deep reach into Asian market and strong roots in learning management and content delivery, iStudy is the perfect partner to help Qumu penetrate the rapidly growing corporate education vertical.”
For over the last 18 months, iStudy has been working with Qumu to expand the Qumu Cloud footprint across the region. A new iStudy learning management system powered by Qumu Cloud was announced in January 2018, and has already experienced a positive response among iStudy’s existing enterprise learning customer base.
“iStudy and Qumu are extending our exclusive partnership to the next level to take advantage of the growing demand for video in our market,” said Yoshi Oyamada, President and CEO of iStudy. “This agreement will ensure that we maintain our competitive edge, delivering the outstanding, reliable support that our collaborative teamwork provides and Japanese customers have come to expect.”
Parties interested in learning more about this new sales agreement may contact Qumu directly, using the information at the bottom of this release or by visiting the Qumu website at www.qumu.com/contact.
About Qumu Corporation
Qumu (Nasdaq: QUMU) is the leading provider of best-in-class tools to create, manage, secure, distribute and measure the success of live and on-demand video for the enterprise. Backed by the most trusted and experienced team in the industry, the Qumu platform enables global organizations to drive employee engagement, increase access to video, and modernize the workplace by providing a more efficient and effective way to share knowledge.
About iStudy Co., Ltd.
iStudy (Tokyo Stock Exchange: 2345) is a leading IT skills training company and solution provider of enterprise learning management systems. Over one million people from top mega banks, engineering companies and retail firms currently use iStudy in Japan. iStudy is expanding its business with learning content, studio live seminars and enterprise video across its current customer base.