Calgary, Alberta – Wednesday, July 22, 2009 – Elluminate, Inc. (“Elluminate”), a leading provider of proven, best-in-class web, audio, and video solutions for real-time online learning and collaboration announces the completion of a second sizeable investment from MMV Financial Inc.
“We are extremely pleased to extend our relationship with Elluminate,” said Ron Patterson, Executive Vice President, MMV Financial. “As an existing portfolio company, Elluminate has made significant progress in technology development and product enhancement, thereby growing its market reach. We believe the company is well poised to take a leap forward, and we are pleased to extend our support. We have every confidence in the leadership of Nashir Samanani. Samanani and his team have built a strong relationship with a growing customer base that is set to expand rapidly in the coming years”.
"MMV Financial’s support for Elluminate is a testament to our continued momentum in the education market,” said Nashir Samanani, CEO of Elluminate. “We will use this financing to continue development of our best-in-class technology and open new channels for customers and partners. We are pleased to continue our relationship with MMV Financial; which has been very responsive to work with and supportive of our growth.”
Elluminate continues to grow even in this economic climate. The company just closed its best quarter ever, posting an all-time record in revenues from operations. Elluminate also recently announced the release of several new products that complement an already strong suite of products for education.
Elluminate’s products create a rich, collaborative environment for live remote training and online meetings, all while delivering lower upfront costs and strong ROI. Elluminate’s technology has continued to deliver exceptional outcomes, including enhanced learning experiences, increased retention and completion rates. Elluminate serves over 600 million web-collaboration minutes annually to over 7 million teachers and students located in over 170 different countries.
About MMV Financial:
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions, including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: http://www.mmvf.com.
About Elluminate, Inc.
Headquartered in Calgary, Alberta, Canada, and Pleasanton, California, Elluminate, Inc. provides proven, award-winning web, video, and audio solutions for real-time online learning and collaboration that enhance the learning experience, increase retention and completion rates, and remove traditional barriers to knowledge. Delivering best-in-class performance, Elluminate features high-quality VoIP, robust interactive functionality for participants and moderators, and unique No User Left Behind™ technology that enables world-class communication, collaboration, and education, regardless of platform or Internet connection speed. For more information, visit http://www.elluminate.com.
For more information contact:
Ph: (403) 204-7896
Fax: (403) 204-7898
Executive Vice President
MMV Financial Inc.
Tel: (416) 977-9718
Fax: (416) 591-1393