Department of Institutional Advancement
Susan Barr, Summit Partners
212-463-0400 ext. 530
For Immediate Release
NEW YORK CITY AND PALO ALTO, CALIFORNIA , July 31st, 2007 -Touro College today announced it has signed a definitive agreement to sell its online postsecondary education division, Touro University International (TUI), to Summit Partners, a global private equity and venture capital firm that has raised approximately $9 billion in capital since its inception. TUI’s existing management team will partner with Summit Partners and will continue to oversee day-to-day operations of the company going forward. California-based TUI is a fully online branch of Touro College, a New York-based, not-for-profit, regionally accredited institution with branches and campuses around the world.
Touro University International is a leading online university 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 provides its students with a convenient, cost-effective, and high-quality education. TUI offers programs leading 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, 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 will continue to be a leader in high-quality online learning,” Dr. Lander said, adding that the transaction, which has been under consideration by Touro for some time, will also significantly strengthen Touro College’s broad array of undergraduate, graduate and professional programs which it offers in the U.S. and abroad.
“This investment by Summit Partners, a firm with a clear commitment to educational quality and integrity, will allow us to accomplish TUI’s long-term strategic objectives,” said Dr. Neumann, who will continue to lead TUI as its President and Chief Executive Officer. “Our shared vision for TUI will allow TUI to continue expanding its learning-centered environment and be responsive to the educational needs of diverse adult learners.”
“Touro University International 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 and help its experienced management team continue to build a world-class online university. We enthusiastically support TUI’s mission and goals, and we are committed to TUI’s learning model, student services, faculty, staff, and academic quality systems.”
The parties anticipate completing the sale of TUI after the receipt of required regulatory approvals and satisfaction of other customary closing conditions.
About Touro University International
Founded in 1998, Touro University International (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. Touro University International 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 25,000 students in undergraduate, professional and graduate 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 US, 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.