Acquisition of The Learning Company by Gores Technology Completed
October 19, 2000
Gores Technology Group (GTG) today said that it has completed the acquisition of The Learning Company, a world class developer and publisher of innovative, interactive technology tools, from Mattel, Inc. (NYSE: MAT). Gores Technology is a leading privately held international acquisition and management company.
The Learning Company is the second largest consumer software company in the world, after Microsoft. The company has a number one market share in the U.S. in the education and productivity sectors. The Learning Company has approximately 1500 employees worldwide. Fiscal 1999 revenues were $ 750 million dollars. Products are distributed using a multi channel approach that includes retail, direct marketing, OEM's, the Internet and schools. Included under The Learning Company umbrellas are three divisions: Entertainment, Productivity and Education. Its titles include: "Reader Rabbit's", "Carmen San Diego", "Print Shop", "Myst", "Chessmaster", and "Pokemon."
"We are very excited about what we have seen and learned from our meetings with the people at The Learning Company," said Alec Gores, Chairman of Gores Technology Group. "We are confident that the business has significant potential."
Vance Diggins, who has been named interim President of The Learning Company and who holds the same position at Gores Technology Group, said the he has been impressed by both the depth and breadth of talent at The Learning Company, as well as the technology.
"Most of the people I have spoken with share our excitement and our vision for what this company can achieve," he said. "We have an extremely talented group of people and an outstanding catalogue of titles. While there is a great deal of work yet to do, we are confident that we will be successful."
About Mattel, Inc.
Mattel, Inc. is a worldwide leader in the design, manufacture and marketing of family products. With headquarters in El Segundo, California, Mattel has offices and facilities in 36 countries and sells its products in more than 150 nations throughout the world.
About Gores Technology Group
With headquarters in Los Angeles, Gores Technology Group (GTG) is a privately held international acquisition and management firm that pursues an aggressive strategy of acquiring promising high-technology organizations and managing them for growth and profitability. GTG has made a name for itself by acquiring and successfully managing companies -- including many divisions acquired from large publicly traded companies -- through its commitment to customers, employees and continued development of intellectual property. GTG has acquired and managed approximately 35 interrelated but autonomous technology-oriented companies with locations throughout the world. Those companies provide a broad range of technology-based products and services to a substantial customer base representing millions of active users worldwide.