ThirdForce may acquire US e-learning player

8 May 2007

Irish e-learning firm ThirdForce has confirmed it is considering plans to acquire a private US e-learning company called MindLeaders, it said in a statement to the Irish Stock Exchange this morning.

In its statement ThirdForce confirmed it is in discussions with MindLeaders “which may or may not lead to the possible acquisition of MindLeaders by the company”.

It continued: “The transaction, should it occur, would involve a fundraising, and would represent a substantial transaction as defined by AIM Rule 12 and IEX Rule 12.

“A further announcement will be made as soon as practical after an agreement, if any, is reached as a result of those discussions,” ThirdForce said.

Irish AIM-listed e-learning company ThirdForce last month reported a 33pc increase in revenues for 2006 to €16.8m for 2006. However, pre-tax losses at the company reached €1.4m, up from €1.2m in 2005.

ThirdForce said, however, that operating profit increased 51pc to just over €1m from €669,000 last year.

The company said it saw a net cash inflow from operating activities of €2m.

ThirdForce claims to be the largest independent e-learning provider in the UK, which is the world’s second-largest market for e-learning.

By John Kennedy