Netsmart Technologies Acquires ContinuedLearning
29 April 2005 - 12:00AM
PR Newswire (US)
Netsmart Technologies Acquires ContinuedLearning Netsmart Will Now
Offer Online Learning to its Base of More Than 600 Customers GREAT
RIVER, N.Y., April 28 /PRNewswire-FirstCall/ -- 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
decaying 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. DATASOURCE: Netsmart Technologies, Inc. CONTACT: Ron Marge
of Netsmart Technologies, +1-800-421-7503, ext. 2026, ; Stuart Fine
of Carpe DM, Inc., +1-908-490-0075, , for Netsmart Technologies,
Inc. Web site: http://www.netsmartech.com/
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