|[November 05, 2012]
Wiley Acquires Efficient Learning Systems, Inc., an eLearning Provider of CPAexcel and Other Products
HOBOKEN, N.J. --(Business Wire)--
John Wiley & Sons (News - Alert), Inc. (NYSE:JWa, JWb), a global provider of content
and workflow solutions supporting research; professional development;
and education, announced today that it has acquired Efficient Learning
Systems (ELS), Inc, an e-learning system provider in areas like
professional finance and accounting, for $24 million. For the fiscal
year ending December 2012, ELS' revenue is expected to be approximately
$7 million, and growing rapidly. Wiley expects the acquisition to be
essentially neutral to earnings for its fiscal year ending April 30,
"This acquisition makes Wiley a leader in the growing CPA test
preparation market and provides us with a scalable platform that can be
leveraged across other areas of our professional segment," said Mark
Allin, Wiley's senior vice president, Professional Development. "ELS is
a business with strong growth characteristics, and the acquisition, when
combined with Wiley's global footprint, leadership position in
professional accounting and finance, and well-respected CPA review
materials, will accelerate our e-learning and high growth market
strategies, as well as overall revenue and margin growth."
ELS' flagship product, CPAexcel, comprises online self-study, videos,
mobile apps, and sophisticated planning tools and has helped over 65,000
professionals prepare for the CPA exam. The service will be delivered
directly to professionals around the world seeking to earn credentials.
The Company is based in Sedona, Arizon.
"Wiley has an excellent reputation for quality in the CPA and accounting
space already. Together, we will provide comprehensive, unique
e-learning programs to professional finance and accounting students,
offering "anywhere, anytime" study, practice, and review to help them
achieve the certification they are seeking, " said Rahul Srivastava,
Efficient Learning Systems President and CEO, who with his ELS
colleagues, is joining Wiley as a result of the acquisition.
Wiley has recently redefined its Professional Development business to
focus on professional career development internationally, developing
content and content-enabled workflow solutions that to enable customers
to become more effective and successful in their professional lives. It
serves communities in business, finance, accounting, talent management,
leadership, technology, behavioral health, engineering/architecture and
Founded in 1807, John Wiley & Sons, Inc. has been a valued source of
information and understanding for more than 200 years, helping people
around the world meet their needs and fulfill their aspirations. Wiley
and its acquired companies have published the works of more than 450
Nobel (News - Alert) laureates in all categories: Literature, Economics, Physiology or
Medicine, Physics, Chemistry, and Peace.
Wiley is a global provider of content and content-enabled workflow
solutions in areas of scientific, technical, medical, and scholarly
research; professional development; and education. Our core businesses
produce scientific, technical, medical, and scholarly journals,
reference works, books, database services, and advertising; professional
books, subscription products, certification and training services and
online applications; and education content and services including
integrated online teaching and learning resources for undergraduate and
graduate students and lifelong learners. Wiley's global headquarters are
located in Hoboken, New Jersey, with operations in the U.S., Europe,
Asia, Canada, and Australia. The Company's Web site can be accessed at http://www.wiley.com.
The Company is listed on the New York Stock Exchange under the symbols
JWa and JWb.
About Efficient Learning Systems;
Since 1998 CPAexcel has offered a dynamic computer-based learning system
that prepares students and accounting professionals to pass the CPA
Exam. CPAexcel CPA Review course materials are structured in Bite (News - Alert)-Sized
Lessons that keep users focused and increase motivation and retention.
CPAexcel also provides students with unlimited free updates and free
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