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8-K - FORM 8-K - M & F WORLDWIDE CORP | y04305e8vk.htm |
EX-2.1 - EX-2.1 - M & F WORLDWIDE CORP | y04305exv2w1.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
December 16, 2010
December 16, 2010
Media Contacts:
LaRhesa Moon, 210.218.6551
Donna Hinkelman, 210.683.5291
LaRhesa Moon, 210.218.6551
Donna Hinkelman, 210.683.5291
SCANTRON CORPORATION TO ACQUIRE EDUCATION TECHNOLOGY COMPANY GLOBALSCHOLAR
Innovative web-based instructional management capabilities of GlobalScholar to be combined with
Scantrons leading web-based education solutions
Scantrons leading web-based education solutions
San Antonio, TX, December 16, 2010 Harland Clarke Holdings Corp., the parent company of Scantron
Corporation, today announced that Scantron has signed a definitive agreement to acquire
GlobalScholar, a privately-held education technology company. GlobalScholars technology solutions
are marketed under the Pinnacle brand and are designed to manage the entire cycle of learning for
K-12 students, teachers, parents and education administrators. The acquisition of GlobalScholar
furthers Scantrons rapid expansion of web-based education solutions, combining GlobalScholars
innovative instructional management platform with Scantrons testing and assessment solutions and
Scantrons recent acquisition of Spectrum K-12 School Solutions response to intervention (RTI),
student achievement management and special education software solutions.
GlobalScholars award winning Pinnacle Suite supports all aspects of managing education at K-12
schools, including student information systems; performance-based scheduler; gradebook; learning
management system; longitudinal data collection, analysis and reporting; teacher development and
performance tracking; and online communication and tutoring portals. Serving a student population
of more than five million, GlobalScholar partners with some of the most progressive and innovative
school systems in America. GlobalScholar is based in Bellevue, Washington, and currently has
approximately 330 employees, including a state-of-the-art software development operation in
Chennai, India.
GlobalScholar is a recognized leader in developing tools to allow effective personalization of
education while maximizing the education experience. There is a growing sense of urgency to provide
solutions that will help bring a new level of excellence to education systems. Scantron and
GlobalScholars combined solutions will provide powerful tools for teachers, administrators and
parents, in schools and districts of any size, as they work to improve the achievement levels for
all students said Bill Hansen, president of Scantron and Former United States Deputy Secretary of
Education.
Chuck Dawson, president and CEO of Harland Clarke Holdings Corp., a wholly owned subsidiary of M&F
Worldwide Corp. (NYSE: MFW) stated, We are committed to providing solutions that will enable
students and educators to achieve the highest level of excellence. Comprehensive student
information management, efficient delivery of content, and customizable assessment approaches are
imperative to
achieving this goal. We believe the combination of GlobalScholar, Scantron, and Spectrum K-12
web-based solutions will provide a powerful approach to meeting the needs of school administrators
while helping students and teachers achieve 21st century skills and readiness.
(more)
Page 2
Scantron Corporation to Acquire Education Technology Company GlobalScholar
Scantron Corporation to Acquire Education Technology Company GlobalScholar
Scantron has utilized technology for more than three decades to provide assessment and survey
solutions to education, commercial and government organizations. Its reputation is built upon its
pioneering products and services that allow for the rapid, accurate and reliable capture of student
performance data. Scantrons Performance Series® is a computer-adaptive diagnostic tool
that assesses student proficiency levels across a range of subjects which correspond to specific
state standards. The award-winning Achievement Series® is a web-based
district-wide assessment solution that allows K-12 educators to develop and administer online and
paper-based tests, capture immediate results and produce standards-based reports. Spectrum K-12s
award-winning EXCEED® platform tracks student data to assess when special intervention
or special teaching methodologies are advisable to further student achievement. Scantron is also
the source of value-added services like hardware sales, forms and maintenance.
We are excited to be joining forces with Scantron, whose assessment and Spectrum K-12 RTI products
are natural complements to the Pinnacle Suites 360° approach to student performance, said Kal
Raman, GlobalScholars CEO. Raman founded GlobalScholar based on the belief and his personal
experience that education can be a transforming force in an individuals life. Our goal is to
empower parents and educators with the information, analysis, instruction and software resources
necessary to help every child achieve his or her personal academic best. Combining with Scantron
provides integral resources necessary to realize this mission.
Commenting on the announcement, president and CEO of M & F Worldwide, Barry F. Schwartz, said,
GlobalScholar will substantially expand Scantrons ability to deliver the most cutting-edge
solutions to help realize the potential of each and every student, demonstrating Scantrons
commitment to continue being the leader in education technology innovations. We welcome Kal Raman
and the GlobalScholar team to the M & F Worldwide family of businesses.
The acquisition is expected to close in the first quarter of 2011, subject to the satisfaction of
customary closing conditions.
Forward-Looking Statements
Certain statements made in this announcement contain forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the
Securities Act of 1933, as amended, that involve a number of risks and uncertainties. All
statements, other than statements of historical fact provided herein, may be deemed to be
forward-looking statements. These statements are based on managements analysis, judgment, belief
and expectation only as of the date hereof, and are subject to uncertainty and changes in
circumstances. Without limiting the foregoing, statements including the words enable, further,
benefit, expand, maximize, complements, empower, realize and other similar expressions
are intended to identify forward-looking statements. Factors that could cause such forward-looking
statements to differ materially include, but are not limited to: (i) general economic and business
conditions in Scantrons industry, (ii) future product development and (iii) the timely and
efficient integration of the acquisition described in this announcement.
(more)
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Scantron Corporation to Acquire Education Technology Company GlobalScholar
Scantron Corporation to Acquire Education Technology Company GlobalScholar
Additional factors that could cause actual results to differ materially from those reflected in the
forward-looking statements include, but are not limited to, the risks discussed in the Risk
Factors section included within Harland Clarke Holdings Corp.s most recent Annual Report on Form
10-K filed with the Securities and Exchange Commission (the SEC), subsequent quarterly reports on
Form 10-Q filed with the SEC, and the risks discussed in Harland Clarke Holdings Corp.s other
filings with the SEC.
You are cautioned not to place undue reliance on these forward-looking statements. Harland Clarke
Holdings Corp. undertakes no obligation to publicly revise any of its forward-looking statements to
reflect events or circumstances that arise after the date of this report.
# # #
About Scantron Corporation
Scantron helps education, commercial, and government organizations worldwide measure and improve
effectiveness with assessment and survey solutions built on leading products and comprehensive,
value-added services. The company is best known for its pioneering and exceptional products and
services that allow the rapid, accurate and reliable capture of student performance data. Scantron
continues this trend with innovative software and survey solutions that leverage its expertise in
world-class forms printing and scanner manufacturing. It is proud to serve 80 percent of the top
school districts in the United States, as well as 70 countries and 15 Ministries of Education
throughout the world that have chosen Scantrons scanning solutions for their national assessment
programs. Scantrons K-12 district wide assessment solution helps educators meet NCLB (No Child
Left Behind) requirements and raise the level of student achievement through a combination of
computer-adaptive diagnostic testing and standards-based formative assessment. Scantrons solution
combines a research-based, content-rich computer adaptive test known as Performance Series and a
content-neutral, highly flexible assessment product known as Achievement Series that educators use
to develop and administer online and paper-based tests and receive immediate results. For more
information, visit www.scantron.com.
About Harland Clarke Holdings
Harland Clarke Holdings has three business segments, which are operated by Harland Clarke, Harland
Financial Solutions and Scantron. Harland Clarke is a provider of checks and related products,
direct marketing services and customized business and home office products. Harland Financial
Solutions provides technology products and related services to financial institutions. Scantron is
a leading provider of data management solutions and related services to educational, healthcare,
commercial, and governmental entities. Harland Clarke Holdings is a wholly owned subsidiary of M &
F Worldwide Corp. (NYSE: MFW).
About M&F Worldwide Corp.
M & F Worldwide (NYSE: MFW) has four business segments, which are operated by Harland
Clarke, Harland Financial Solutions, Scantron and Mafco Worldwide. Harland Clarke is a provider of
checks and related products, direct marketing services and customized business and home office
products. Harland Financial Solutions provides technology products and related services to
financial institutions. Scantron is a leading provider of data management solutions and related
services to educational, healthcare,
commercial and governmental entities. Mafco Worldwide produces
licorice products for sale to the tobacco, food, pharmaceutical and confectionery industries.
About GlobalScholar
GlobalScholar empowers educators, parents and students throughout the entire learning lifecycle,
helping schools achieve educational excellence. Its comprehensive software solution, Pinnacle
Suite, supports all aspects of managing education at K-12 schools, including a student information
system, gradebook, learning management system, and teacher development, analytics and online
learning. The Pinnacle Suite improves productivity so that teachers are able to spend more time
with students, and empowers educators with data and insights needed to advance teacher
effectiveness and student performance. GlobalScholar also provides online school finders, tutoring
and homework help for students and parents. GlobalScholar serves more than 1,000 school districts
with a student population of more than five million. To learn more, visit www.globalscholar.com.