Department of Institutional Advancement
212-463-0400 ext. 530
For Immediate Release
TOURO COLLEGE SELLS ONLINE INSTITUTION
TO SUMMIT PARTNERS
New York, N.Y., November 5, 2007 - Dr. Bernard Lander, founder and president of Touro College, has announced the sale of Touro University International, a provider of online postsecondary education, to Summit Partners, a private equity and venture capital firm. The online university has been renamed TUI University. The school’s existing management team will continue to oversee day-to-day operations going forward. Touro College, through its affiliated institution Touro University, retained a minority interest in TUI University.
TUI University is a leading online educational institution accredited by the Accrediting Commission for Senior Colleges and Universities of the Western Association of Schools and Colleges, one of the seven regional bodies that accredit most independent and public colleges and universities. Through its technology-enabled online learning model, TUI University provides its students with a convenient, cost-effective, and high-quality education. TUI University offers programs that lead to bachelor’s, master’s, and doctoral degrees in business administration, health sciences, education, and information systems, primarily to working adults and members of the U.S. military.
Dr. Bernard Lander, President and founder of Touro College, said that the transaction, which has been under consideration for some time, “will significantly strengthen Touro College’s endowment, and the broad array of undergraduate, graduate and professional programs it offers in the United States and abroad.”
Dr. Lander praised the work of Dr. Yoram Neumann, an internationally recognized authority on online learning, who joined Touro College in 1998 to establish and develop Touro University International and has led the institution since that time. “I am confident that under Dr. Neumann’s leadership, TUI University will continue to be a leader in high-quality online learning,” Dr. Lander said.
“This acquisition by Summit Partners, a firm that brings a distinguished track record and a clear commitment to educational quality and integrity, will allow us to accomplish TUI University’s long-term strategic objectives,” said Dr. Neumann, who will continue to lead TUI University as its president and chief executive officer. “Our shared vision for TUI University will allow it to continue expanding its learning-centered environment and be responsive to the educational needs of diverse adult learners.”
“TUI University is a pioneer in the online education industry with a proven track record of delivering the highest quality education to its students, many of whom serve our nation as members of the U.S. Armed Forces,” said C.J. Fitzgerald, a general partner with Summit Partners. “We are pleased to partner with TUI University and help its experienced management team continue to build a world-class online university. We enthusiastically support TUI University’s mission and goals, and we are committed to TUI University’s learning model, student services, faculty, staff, and academic quality systems.”
About TUI University
Founded in 1998, TUI University (www.tourou.edu) has become a leading online postsecondary university. Its technology-enabled online learning model and solutions provide a convenient, cost-effective, and high-quality education to students. Students are able to complete all degree requirements in their home countries and at their own pace. TUI University is based in Cypress, California.
About Touro College
Touro College (www.touro.edu) is a New York-based, regionally accredited, not-for-profit educational corporation. Since its founding in 1970, Touro College has grown from a small undergraduate school to an institution that currently enrolls more than 17,500 students in undergraduate, professional, and graduate degree programs at campuses in New York, California, Nevada, and Florida and in Russia, Israel, and Germany.
About Summit Partners
Summit Partners (www.summitpartners.com) is a private equity and venture capital firm with offices in Boston, Palo Alto, and London. Founded in 1984, the firm has raised nearly $9 billion in capital in its private equity, venture capital, and subordinated debt funds. Summit Partners has provided growth equity, recapitalization, and management buyout financing to more than 290 companies, which have completed nearly 125 public offerings and in excess of 105 strategic mergers or sales. Summit Partners seeks to work with outstanding management teams that have self-financed their companies to profitability and market leadership.
Notable Internet-based and technology-enabled services companies financed by Summit Partners include Jamba!, Liquidnet, NightHawk Radiology, optionsXpress, Postini, Vente-Privee.com, Web Reservations International, and WebEx Communications.
The business of Summit Partners in the UK is regulated by the Financial Services Authority. Summit Partners Limited is registered in England and Wales. The registered number is 4141197, and the registered office is located at 20–22 Bedford Row in London, WC1R 4JS, UK. In the U.S., Summit Partners operates as an SEC-registered investment advisor. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.