Gores Technology Group Acquires The Learning Company from Mattel, Inc.
September 29, 2000
LOS ANGELES, September 29, 2000 -- Gores Technology Group (GTG), a leading privately held international acquisition and management company, today announced the acquisition of The Learning Company, a world class developer and publisher of innovative, interactive technology tools, from Mattel, Inc. (NYSE: MAT). The price was not disclosed.
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 US 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."
"The acquisition of The Learning Company is an exciting and challenging opportunity for GTG," said Alec Gores, Chairman of Gores Technology Group. "We look forward to providing the leadership and resources required to create and sustain a dynamic and market leading enterprise."
"Gores Technology Group is uniquely capable of managing the day-to-day operations of The Learning Company and unlocking future value," said Robert A. Eckert, Chairman and Chief Executive Officer of Mattel, Inc.
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's established infrastructure currently manages a portfolio of 22 interrelated but autonomous technology- oriented companies that are located in 50 countries throughout the world. Those companies provide a broad range of technology-based products and services to a substantial customer base of 20,000 that represent over 2.0 million active users. Visit the company's Web site at www.gores.com.