Netsmart Technologies Acquires ContinuedLearning
Netsmart Will Now Offer Online Learning to its Base of More than 600 Customers
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4/28/2005 - () Netsmart Technologies, Inc. (Nasdaq: NTST), a leading supplier of enterprise-wide software for health and human services providers through its wholly owned subsidiary, Creative Socio-Medics Corp. (Creative), today announced that it has acquired certain of the assets of ContinuedLearning, LLC of St. Petersburg, Florida for $250,000 in cash, 20,000 shares of Netsmart common stock and potential additional payments of up to $550,000 if certain targets are met. Creative has agreed to provide working capital to the acquired business to help it achieve its business plan targets. ContinuedLearning is a leading e-learning vendor in the field of behavioral healthcare and human services.
James Conway, CEO of Netsmart and Chairman of Creative said, "We are excited about the ContinuedLearning acquisition and believe that we have added a complementary product to our offerings that provides value for the markets we serve." Mr. Conway continued, "In our industry, workforce development and training opportunities are essential to the success of an organization and its employees. Our customers will now receive the tools and knowledge necessary to contribute to the growth and success of their organizations."
ContinuedLearning offers a comprehensive family of web-based training products and services including its Learning Management System, a robust multi- media online course catalog. With provider organizations, behavioral professional associations, employee assistance programs and managed care companies as clients, ContinuedLearning's online training is focused on offering regulatory, clinical, direct service and administrative training.
Creative intends to leverage the capabilities of ContinuedLearning's learning management system products and services by offering these products to its existing customer base of over 600 human service providers nationwide. Creative also plans to use the online course-building and online training deployment capabilities that ContinuedLearning offers to develop its own "next generation" of online training products for its health and human service customers.
Sheree Graves, president of ContinuedLearning, said, "Online training is one of the fastest growing product areas on the Internet because it simply costs less than traditional training. E-learning also saves time without decreasing learning benefits." She continued, "The value of this new relationship will positively impact health and human services providers by combining ContinuedLearning's electronic learning expertise and Creative's market presence and financial strength. We expect to increase training content production to meet the growing demands for training in this industry."
About Netsmart Technologies, Inc.
Netsmart Technologies, Inc. of Great River, NY, through Creative Socio-Medics, is an established, leading supplier of enterprise-wide software solutions for health and human services providers with over 600 clients, including 26 systems with state agencies. Creative's clients include health and human services organizations: public health agencies, mental health and substance abuse clinics, psychiatric hospitals, and managed care organizations. Avatar Practice Management and the Avatar Clinician Work Station, Creative's core products, are full-featured information systems that operate on a variety of operating systems, hardware platforms, and mobile devices and offer unlimited scalability.
Statement on Behalf of Netsmart Technologies, Inc.
Statements in this press release may be "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend " and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Netsmart's filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates, and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on Netsmart's or Creative's website do not constitute a part of this release.
Located in St. Petersburg, Florida, ContinuedLearning has developed a robust online course catalogue that satisfies regulatory, compliance, clinical, softskills and technology requirements of behavioral organizations and related healthcare organizations. ContinuedLearning has developed it own web-based learning management system (LMS) in order to respond to specific training management requirements of healthcare organizations and licensure requirements for continuing education. Courses use Extended Markup Language (XML) in order to be compliant with industry standards for online learning content. Completing the integrated model, ContinuedLearning also carries and maintains its own continuing education approvals for behavioral and healthcare professionals.