SumTotal Systems

Last updated
SumTotal Systems, Inc.
  • SumTotal
  • Sumtotal Systems LLC
Industry Software
Predecessors
  • Asymetrix
  • Docent Software
Founded
  • 1985 (as Asymetrix)
  • 1997 (as Docent Software)
  • 2003 (as SumTotal Systems)
Headquarters
Gainesville, Florida
,
USA
Key people
 Ronald Hovsepian, CEO
Jeffrey Laborde, CFO
Owner
Website www.sumtotalsystems.com

SumTotal Systems, Inc. is a software company based in Gainesville, Florida, that provides human resource management software and services to private and public sector organizations. [1] The company uses multiple cloud-based channels, including software as a service (SaaS), hosted subscription, and premises-based licensure.

Contents

In September 2014, it was acquired by SkillSoft, a provider of online learning to corporate training organizations. [2] In June 2022, SkillSoft announced its intention to sell the company for approximately $200 million. [3]

On August 25, 2022, Cornerstone OnDemand, Inc. announced that it had completed the acquisition of SumTotal. [4] [5]

History

1984-1997: Asymetrix

Asymetrix Learning Systems, based in Bellevue, Washington, was founded in 1984 by Paul Allen and funded through his Vulcan Ventures. [6] Asymetrix then spent around ten years developing software for online education. [6] Among the first products from this development period were ToolBook, [7] Asymetrix Librarian, and the e-Learning Network– an early software as a service product. Additionally, an early three-dimensional rendering system Asymetrix 3D F/X was released in 1994 and later renamed Web3d.[ citation needed ] Asymetrix also produced a variety of screen savers for a short period [8] and developed Compel (a graphical presentation and prototyping program). [9]

The company was recapitalized in 1995 with more funding from Allen. [6] In October 1996, SoftBank invested about $3.8 million in Asymetrix. In September 1997, Asymetrix acquired Aimtech for about $3.1 million in stock. In October 1996, the company spun off its client/server tools into a newly created wholly owned subsidiary, ASX Corporation, which was renamed ConQuer Data, Inc. It was later renamed Infomodelers, which was then sold to Allen.[ citation needed ] In September 1997 Asymetrix acquired Oakes Interactive Incorporated, Acorn Associates Incorporated and TopShelf Multimedia for approximately $2.1 million. In the first half of 1998, it acquired New York-based Meliora Systems and Illinois-based Strategic Systems Associates.[ citation needed ] In 1998 Asymetrix went public. The June initial public offering (IPO) raised approximately $31 million. After the IPO, Allen controlled about 45% of the shares. [6] Asymetrix was listed on the Nasdaq exchange with the ticker symbol ASYM, with a lukewarm market reception. [10] In September 1999 Asymetrix issued $10 million in preferred stock to Vulcan and Marshall Capital. [11]

In October 1999 Asymetrix's name was changed to click2learn.com, when James A. Billmaier was its chief executive. [12] Between 1995 and 1999, like many companies in the dot-com bubble, Click2learn reported growing revenues but continued operational losses.[ citation needed ] Kevin M. Oakes took over as chief executive in January 2000. [13] In early 2000, the company spun off its graphics and rendering software as InfoModelers, which was acquired by Visio Corporation. [14] Other noteworthy acquisitions included the May 2001 purchase of IntelliPrep Technologies, Incorporated and Meliora who made Ingenium. [ citation needed ] As products were consolidated into their Aspen Enterprise Productivity Suite, losses continued through 2002, resulting in operational cost control measures including reductions in workforce. [15] In 2003 click2learn (formerly Asymetrix) and Docent Software announced their intention to merge. [16]

1997–2002: Docent Software

Docent Software was founded in 1997 and based in Mountain View, California. [17] David Mandelkern and Pardner Wynn founded the company, with Wynn as chief executive and Mandelkern as chief technology officer [17] The company developed business-oriented training software. Pardner and Cynthia Wynn (then married) had developed Stanford Testing Systems in 1994, doing business as TestPrep, [18] which was incorporated into Docent software holdings.[ citation needed ] Docent was funded by venture capital in six rounds from investors such as Norwest Venture Partners, Advanced Technology Ventures, and Invesco. It had operating losses for 1997, 1998, and 1999. [17] David R. Ellett replaced Wynn as chief executive in July 1998 on the cusp of the dot-com bubble. In 2000 Docent filed for an initial public offering (IPO) and went public on NASDAQ on September 29, raising approximately $85 million. [19] Docent acquired gForce Systems in October 2001 for $5.3 million, which included about $4.7 million in debts and liabilities. R. Andrew Eckert joined as president in December 2001 and ultimately replaced Ellett as CEO in April 2002. [20] After growing to over 200 employees at the time of the IPO, by 2002 the company had reduced its staff by 20% to cut costs. [21]

2003–2004: SumTotal Systems

In 2003, when click2learn (formerly Asymetrix) and Docent announced their intention to merge, click2learn's shareholders received slightly more than half of the stock in the merged company - former shareholders in click2learn owned about 52% and Docent about 48% of the shares. At the time of the merger, click2learn employed over 300 people, 100 of which were in Hyderabad, India, and Docent employed an additional 170. [16] The combined company became Hockey Merger Corporation in February 2004 while a new name was planned. [22] On March 18, 2004, the new name SumTotal Systems was announced for the combined company, [23] with headquarters in Gainesville, Florida. The merger was completed in 2004.[ citation needed ] Shares in the new company were listed on the Nasdaq exchange with the symbol "SUMT" (previous symbols were CLKS and DCNT). [23]

2005–2017: Acquisitions

In October 2005, SumTotal acquired Pathlore, a mid-market learning management systems company with a focus in state and local government and healthcare. [24] In 2006 SumTotal acquired the privately owned software company MindSolve Technologies, founded in 1994, for about $12 million. Mindsolve focused on performance management software. [25] In May 2009 Vista Equity Partners, the largest software-only private equity fund, agreed to acquire SumTotal for $160 million [26] and closed the transaction in July 2009. [27]

On January 5, 2011, GeoLearning was acquired by SumTotal. [28]

In July 2011 SumTotal acquired CyberShift, a Parsippany, New Jersey, software company focused on SaaS multitenancy workforce management and expense software, and Accero, an enterprise payroll and benefits software provider. [29]

In August 2014, Skillsoft Limited, a computer-learning software and content provider, announced that its subsidiary, Skillsoft Corporation, had entered into an agreement to acquire SumTotal Systems, LLC from affiliates of US-based private equity firm Vista Equity Partners. [30] In September 2014, SumTotal was acquired by SkillSoft. [2]

Technology and services

Services include learning management, workforce management, talent management, HR, planning, analytics, payroll and benefits. [31] The company delivers its software as a service (SaaS) using cloud computing, and in some cases premises-based licensure. The company has regional offices in the United States, Canada and outside of North America including Europe and APAC.[ citation needed ]

See also

Related Research Articles

<span class="mw-page-title-main">Mitel</span> Canadian telecommunications company

Mitel Networks Corporation is a Canadian telecommunications company. The company previously produced TDM PBX systems and applications, but after a change in ownership in 2001, now focuses almost entirely on Voice-over-IP (VoIP), unified communications, collaboration and contact center products. Mitel is headquartered in Ottawa, Ontario, Canada, with offices, partners and resellers worldwide.

<span class="mw-page-title-main">Genworth Financial</span> American insurance company

Genworth Financial, headquartered in Richmond, Virginia, provides life insurance, long-term care insurance, mortgage insurance, and annuities.

<span class="mw-page-title-main">Nasdaq, Inc.</span> American multinational financial services corporation

Nasdaq, Inc. is an American multinational financial services corporation that owns and operates three stock exchanges in the United States: the namesake Nasdaq stock exchange, the Philadelphia Stock Exchange, and the Boston Stock Exchange, and seven European stock exchanges: Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, and Nasdaq Vilnius. It is headquartered in New York City, and its president and chief executive officer is Adena Friedman.

<span class="mw-page-title-main">Amdocs</span> Israeli-founded software company

Amdocs is an Israeli multinational telecommunications technology company. Headquartered in St. Louis, Missouri, the company specializes in software and services for communications, media and financial services providers and digital enterprises. Amdocs was founded in 1982 and is publicly traded on the Nasdaq stock exchange.

A special purpose acquisition company, also known as a "blank check company", is a shell corporation listed on a stock exchange with the purpose of acquiring a private company, thus making the private company public without going through the initial public offering process, which often carries significant procedural and regulatory burdens. According to the U.S. Securities and Exchange Commission (SEC), SPACs are created specifically to pool funds to finance a future merger or acquisition opportunity within a set timeframe; these opportunities usually have yet to be identified while raising funds.

Verint Systems is a Melville, New York–based analytics company which was founded in 2002. The company sells software and hardware products for customer engagement management and business intelligence. Their products are designed to assist clients in data analysis, specifically large data sets.

<span class="mw-page-title-main">Jazz Semiconductor</span>

Jazz Semiconductor is a semiconductor wafer foundry that is a wholly owned United States subsidiary of Israel-based Tower Semiconductor. Its customers include developers of wireless, optical networking, power management, storage, and aerospace/defense applications. Headquartered in Newport Beach, California, Jazz passed through a number of acquisitions including the short-lived company Acquicor Technology, which renamed itself Jazz Technologies and then sold it two years later.

<span class="mw-page-title-main">Broadcom</span> American semiconductor company

Broadcom Inc. is an American multinational designer, developer, manufacturer, and global supplier of a wide range of semiconductor and infrastructure software products. Broadcom's product offerings serve the data center, networking, software, broadband, wireless, storage, and industrial markets. As of 2023, some 79 percent of Broadcom's revenue was coming from its semiconductor-based products and 21 percent from its infrastructure software products and services.

<span class="mw-page-title-main">Intercontinental Exchange</span> American exchange and clearing house company

Intercontinental Exchange, Inc. (ICE) is an American company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell 1000, the company owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. This includes ICE futures exchanges in the United States, Canada, and Europe; the Liffe futures exchanges in Europe; the New York Stock Exchange; equity options exchanges; and OTC energy, credit, and equity markets.

<span class="mw-page-title-main">Proxim Wireless</span>

Proxim Wireless Corporation is a San Jose, California-based company that builds scalable broadband wireless networking systems for communities, enterprises, governments, and service providers. It offers wireless LAN, point-to-multipoint and point-to-point products through a channel network. The company is a product of many mergers and acquisitions over the years.

Comscore, Inc. is an American-based global media measurement and analytics company providing marketing data and analytics to enterprises; media and advertising agencies; brand marketers and publishers.

<span class="mw-page-title-main">Workday, Inc.</span> American software company

Workday, Inc., is an American on‑demand (cloud-based) financial management, human capital management, and student information system software vendor. Workday was founded by David Duffield, founder and former CEO of ERP company PeopleSoft, along with former PeopleSoft chief strategist Aneel Bhusri, following Oracle's acquisition of PeopleSoft in 2005.

ManTech International Corporation is an American defense contracting firm based in Herndon, Virginia. It was co-founded in 1968 by Franc Wertheimer and George J. Pedersen. The company uses technology to help government and industry clients. The company name "ManTech" is a portmanteau formed through the combination of "management" and "technology."

<span class="mw-page-title-main">Qualtrics</span> Experience management company

Qualtrics is an American experience management company, with co-headquarters in Seattle, Washington, and Provo, Utah, in the United States. The company was founded in 2002 by Scott M. Smith, Ryan Smith, Jared Smith, and Stuart Orgill.

The Gores Group, LLC is a private equity firm specializing in acquiring and partnering with mature and growing businesses. The company was founded in 1987 by its CEO and chairman, Alec E. Gores.

Cvent Holding Corp. is a Tysons Corner, Virginia-based company that provides software-as-a-service (SaaS) solutions for meetings, events, and hospitality management. Their web-based platform caters to in-person, virtual, and hybrid events, offering functionalities like online registration, venue selection, event management tools, and attendee engagement features. Cvent also provides software for hotels and venues to manage group bookings, including corporate travel, and source new group business. Previously a public company, Cvent was acquired by investment firm Blackstone Inc. for $4.6 billion in June 2023.

Pivotal Software, Inc. was an American multinational software and services company based in San Francisco that provided cloud platform hosting and consulting services. Since November 2023, Pivotal has been part of Broadcom.

<span class="mw-page-title-main">Skillsoft</span> Educational technology company

Skillsoft is an American educational technology company that produces learning management system software and content.

<span class="mw-page-title-main">Refinitiv</span> Financial technology company

Refinitiv is an American-British global provider of financial market data and infrastructure.

References

  1. ↑ "SumTotal Systems, Inc. | Company profile from Hoover's". Hoovers.com. Archived from the original on 2010-07-07. Retrieved 2010-07-05.
  2. 1 2 "Skillsoft Acquires SumTotal". Forbes . October 1, 2014. Retrieved October 1, 2014.
  3. ↑ "Cornerstone acquires SumTotal, marking 'the end of an era'". Chief Learning Officer - CLO Media. Retrieved 2022-12-22.
  4. ↑ "Clearlake Capital-Backed Cornerstone Completes Acquisition of SumTotal". Sumtotal Systems. Retrieved 2022-12-22.
  5. ↑ "Cornerstone Completes Acquisition of SumTotal". Training Industry. Retrieved 2022-12-22.
  6. 1 2 3 4 Asymetrix Learning Systems (June 12, 1998). "Prospectus for initial public offering". Registration Number 333-49037. US Securities and Exchange Commission. Retrieved November 2, 2013.
  7. ↑ "List of ToolBook versions which have previously shipped". ToolBook knowledge base. SumTotal. Archived from the original on May 17, 2021. Retrieved June 15, 2017.
  8. ↑ Glicken, Harold (1994-05-15). "CD-Rom - "Jurassic Park: The Screen Saver"". The Seattle Times. Knight-Ridder Newspapers. Retrieved 23 March 2023.
  9. ↑ "Design and Implementation Considerations for an Interactive Multimedia Kiosk: Where to Start" Archived 2014-02-28 at the Wayback Machine , Cranston, Clayton, and Ferrands, Central Queensland University, 1996
  10. ↑ "Asymetrix generates little enthusiasm after IPO at $11", Wall Street Journal, (article mirror)
  11. ↑ Asymetrix Learning Systems (September 30, 1999). "Securities Purchase Agreement". Form 8-K. US Securities and Exchange Commission. Retrieved November 2, 2013.
  12. ↑ "Asymetrix renamed click2learn.com". Puget Sound Business Journal . October 11, 1999. Retrieved November 2, 2013.
  13. ↑ Click2learn (March 1, 2000). "Annual Report for Fiscal Year Ending December 31, 1999". Form 10-K. US Securities and Exchange Commission. Retrieved November 2, 2013.{{cite web}}: CS1 maint: numeric names: authors list (link)
  14. ↑ Duncan Dwelle (January 29, 2000). "InfoModelers acquired by Visio!". Applied Information Science. Archived from the original on November 4, 2013. Retrieved November 2, 2013.
  15. ↑ Click2learn (March 1, 2002). "Annual Report for Fiscal Year Ending December 31, 2002". Form 10-K. US Securities and Exchange Commission. Retrieved November 2, 2013.{{cite web}}: CS1 maint: numeric names: authors list (link)
  16. 1 2 "Click2Learn, Docent ink merger pact". India Times InfoTech. October 29, 2003. Archived from the original on 2011-08-11. Retrieved November 2, 2013.
  17. 1 2 3 Docent (September 29, 2000). "Registration of initial public offering". Amendment Number 3 to Form S-1/A. US Securities and Exchange Commission. Retrieved November 1, 2013.
  18. ↑ "Company Background and How to Reach Us". Original web site. Stanford Testing Systems. Archived from the original on May 22, 1997. Retrieved November 2, 2013.
  19. ↑ "Docent Inc (DCNT) IPO". Nasdaq. Retrieved November 2, 2013.
  20. ↑ Docent (March 24, 2003). "Annual Report for Fiscal Year Ending December 31, 2002". Form 10-K. US Securities and Exchange Commission. Retrieved November 2, 2013.
  21. ↑ "Docent slices staff". Silicon Valley Business Journal . May 17, 2002.
  22. ↑ Hockey Merger Corporation (February 11, 2004). "Registration of securities, business combinations". Amendment Number 3 to Form S-4. US Securities and Exchange Commission. Retrieved November 1, 2013.
  23. 1 2 SumTotal Systems (March 18, 2004). "Acquisition or Disposition of Assets". Form 8-K: Current report. US Securities and Exchange Commission. Retrieved November 1, 2013.
  24. ↑ "Acquisition of Pathlore completed by SumTotal Systems (Pathlore Software Corp)". Telecomworldwire. Retrieved 2011-08-03– via Highbeam.
  25. ↑ "SumTotal Acquires MindSolve Technologies". Press release. Elearnity. November 14, 2006. Retrieved November 2, 2013.
  26. ↑ "SumTotal Chooses Rival Bid From Vista". Dealbook. The New York Times. May 27, 2009. Retrieved November 1, 2013.
  27. ↑ SumTotal (July 24, 2009). "Deregistration of Securities". Form S-3. US Securities and Exchange Commission. Retrieved November 1, 2013.
  28. ↑ GeoLearning, Sumtotal Systems, archived from the original on 2011-07-22
  29. ↑ "SumTotal Systems Acquires CyberShift and Accero". Business Wire. July 7, 2011. Retrieved May 21, 2014.
  30. ↑ Acquisition, skillsoft.com, August 2014, retrieved March 11, 2017
  31. ↑ "SumTotal Systems, Inc". Bloomberg Businessweek. Archived from the original on September 7, 2009. Retrieved 2011-08-03.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.