|[January 16, 2013]
lynda.com Fuels Growth and Innovation with $103 Million Funding
CARPINTERIA, Calif. --(Business Wire)--
an online learning company, today announced a $103 million investment
from Accel Partners, the global venture capital firm, and Spectrum
Equity, a leading growth equity firm focused on the information economy.
The financing marks the first outside funding in the 17-year history of
lynda.com. Meritech Capital Partners also participated in the investment.
With this investment, Andrew Braccia of Accel and Vic Parker of Spectrum
have joined the company's board of directors, which also includes Lynda
Weinman, co-founder and Executive Chair, Bruce Heavin, co-founder and
Chief Creative Officer, Eric Robison, president and CEO, and Bud
Colligan, former CEO of Macromedia and current Accel Venture Partner.
Founded in 1995, lynda.com provides software, technology, creative and
business training to more than two million people worldwide through a
comprehensive library of 87,000 high quality instructional videos taught
by 250 recognized industry experts. In 2012, the company earned more
than $100 million in revenue and has been profitable since 1997.
"We're fortunate that our financial performance and profitability over
the years has enabled us to reinvest in the ongoing growth of the
company," said Eric Robison, president and CEO of lynda.com. "Our
decision to accept outside funding will support lynda.com as we expand
internationally. It will also add value to our membership with broadened
content areas and accelerated scaling of our Web and video platform."
"Our mission has always been to help people navigate changing technology
by providing up-to-date, credible learning materials that are easy to
follow," said Lynda Weinman, co-founder and Executive Chair of
lynda.com. "We've built a thriving business by focusing on our product,
collaborating with the best teachers in the industry and providing
flexible learning paths for our customers. Now, we're ready for the next
level. This investment increases our ability to expand our services to
help more people in more places, and we believe that Accel and Spectrum
have the domain expertise, resources and shared vision to help us reach
In addition to individual subscribers, lynda.com serves corporate,
government and eductional organizations through its lyndaEnterprise,
lyndaPro, lyndaCampus and lyndaKiosk products. Clients include numerous
public and private K-12 institutions, 44 out of 50 top national
universities, more than half of the Fortune 100 companies, 31 U.S. state
governments, all branches of the U.S. military and all cabinet-level
departments of the U.S. federal government.
"We have followed the growth of lynda.com closely for several years as
the company has established itself as a clear leader in online education
content across several important categories," said Vic Parker, Managing
Director at Spectrum Equity. "We are pleased to have the opportunity to
invest in lynda.com and look forward to working with the board and
management team to expand the company's offerings and reach an even
larger audience of online learners."
"Education is the latest industry to encounter a major digital
disruption and lynda.com is at the forefront of connecting educational
content to learners online," added Andrew Braccia, Partner, Accel
Partners. "We are excited to stand behind the lynda.com management team
as they continue to build the leading brand in online education."
The company's headquarters are in Carpinteria, California, with
international offices in the United Kingdom and Australia.
is an online learning company that helps anyone learn software,
technology, creative and business skills to achieve their personal and
professional goals. Through individual, corporate, academic and
government subscriptions, more than two million people have access to
the lynda.com video library of engaging, top-quality courses taught by
recognized industry experts and filmed at the company's 12-acre,
state-of-the-art campus in Carpinteria, California. Founded in 1995 and
incorporated in 1997, lynda.com is led by co-founders Lynda Weinman and
Bruce Heavin and president and CEO Eric Robison. Learn more about
lynda.com at www.lynda.com/press
and on Facebook (News - Alert) at www.facebook.com/lynda.
About Accel Partners
Founded in 1983, Accel Partners has a long history of partnering with
outstanding entrepreneurs and management teams to build world-class
businesses. Accel invests globally using dedicated teams and
market-specific strategies for local geographies, with offices in Palo
Alto, New York City, London and Bangalore; as well as in China via its
partnership with IDG-Accel. Accel has helped entrepreneurs build over
300 successful companies, many of which have defined their categories,
including Angry Birds (Rovio), Atlassian, Braintree, Brightcove,
Cloudera, ComScore, Diapers.com (Quidsi), Dropbox, Etsy, Facebook,
Flipkart, Fusion-IO, GlamMedia, Groupon, Imperva, Kayak, Lookout,
Macromedia, metroPCS, QlikTech, Responsys, Riverbed (News - Alert), Spotify,
Squarespace, Sunrun, Trulia, Veritas, Walmart.com and Wonga.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm focused on investing in
innovative growth stage businesses in the information economy. Spectrum
has been an active investor in digital media and SaaS (News - Alert) businesses
including Ancestry.com (acquired by Permira), Animoto, Demand Media,
iPay Technologies (acquired by Jack Henry & Associates), ITA Software
(acquired by Google), NetQuote (acquired by Bankrate), RiskMetrics Group
(acquired by MSCI), Seamless, Seisint (acquired by LexisNexis (News - Alert)/Reed
Elsevier), and SurveyMonkey. Founded in 1994 with offices in Boston and
Menlo Park, Spectrum has raised $4.7 billion in capital across six funds.
About Meritech Capital Partners
Meritech Capital Partners is a leading provider of late-stage venture
capital to category-defining private technology companies and has been
one of the top performing venture firms of the past decade. With over
$2.6 billion under management, Meritech provides guidance on issues
facing rapidly growing companies including hiring, IPO market timing and
positioning, M&A strategies and adviser selection. Meritech investments
include Facebook, Salesforce, Riverbed, Netsuite, PopCap (News - Alert), and
Cornerstone OnDemand. Meritech is located in Palo Alto, CA.
[ InfoTech Spotlight's Homepage ]