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SumTotal Systems
American technology company From Wikipedia, the free encyclopedia
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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.
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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]
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History
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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]
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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
References
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