Promethean World makes London Stock Exchange debut
17 March 2010
London, 17 March 2010 – Apax Partners announces that its portfolio company, Promethean World (“Promethean” or “the Company”), a leader in the rapidly growing global market for interactive learning technology, today begins trading on the main market of the London Stock Exchange under the ticker symbol ‘PRW’ following its successful initial public offering (“the offering”).
Apax Partners has exited its entire 25% shareholding in Promethean, which it acquired in November 2004, through the offering. Promethean intends to use the net proceeds from the issue of the new shares to repay existing debt and establish a modest net cash position for the Group.
Apax Partners identified the rapid growth in the use of technology in classroom teaching equipment and saw in Promethean a UK leader with the potential to expand its business internationally. The thesis has proved successful: in five years, the Company has gone from having 90% of its business in the UK, to over 85% outside the UK today.
Salim Nathoo, Partner at Apax Partners commented: “Promethean’s position as a global leader in applying cutting edge technology to the vital field of education has resulted in it being the first technology company to successfully list on the main market of the London Stock Exchange for three years. It is rare for a UK-based technology company to develop into a global leader in its field. This is testimony to excellent products and exceptional management. I have every belief that the company will continue to prosper as it enters the next phase in its development.”
Technology & telecoms is one of the five sectors on which Apax Partners focuses exclusively. Notable current and historic investments in the sector include SMART Technologies Inc, a Canadian provider of interactive collaboration products; TDC A/S, the pan-European telecoms business headquartered in Denmark; Weather Investments, an international telecommunications business; and Inmarsat and Intelsat, which are both global satellite operators.
For further information, please contact:
Tel. +44 (0)20 7872 6401
Jean-Yves Charlier, Chief Executive Officer
Tel. +44 (0)1254 290 573
Neil Johnson, Chief Financial Officer
Tel. +44 (0)1254 290 744
Simon Bielecki, Head of Investor Relations
Tel. +44 (0)1254 290 881
NOTES TO EDITORS
About Apax Partners
Apax Partners is one of the world’s leading private equity investment groups. It operates across the United States, Europe and Asia and has more than 30 years of investing experience. Funds under the advice and management of Apax Partners globally total around $40 billion. These Funds provide long-term equity financing to build and strengthen world-class companies. Apax Partners Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services.
Promethean - Lighting the flame of learning
Promethean's aim is to unlock the potential of human achievement in education and training at all ages around the world. It does so by creating, developing, supplying and supporting leading edge, interactive learning technology and by encouraging the growth of the world's largest online teacher community in this field. In these ways, Promethean is helping bring to life the promise of 21st century learning, improving engagement and results for learners and teachers alike.
The market for interactive learning technology is fast growing and global. In this market, Promethean is a world leader. Developed for teachers, Promethean's ActivClassroom brings together its interactive display systems (ActivBoard), its learner response systems (ActiVote and ActivExpression), and its suite of specialised teaching software (ActivInspire). They change how teachers and classes engage and interact, how students learn and how they are monitored and assessed.
Beyond the classroom, Promethean provides comprehensive training and support and, with over 500,000 members, the rapidly growing Promethean Planet (www.prometheanplanet.com) is the world's largest online community for users of interactive display system technology, providing user-generated and premium content, and is a forum for teachers to exchange ideas and experience.
Headquartered in the UK, with offices in nine countries, Promethean's technology is today helping educate over 12 million individuals in over 500,000 classrooms in some 100 countries. www.prometheanworld.com.