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Blackboard and WebCT merge 10/05

WASHINGTON 12 Oct. /PRNewswire-FirstCall/ -- Two leading providers of enterprise software and services to the education community, Blackboard Inc. (Nasdaq: BBBB) and WebCT, Inc., today announced a definitive agreement to merge.

Under terms of the agreement, Blackboard will acquire WebCT in a cash transaction for $180 million, which values the offer at approximately $154 million, net of WebCT's August 31, 2005 cash balance of $26 million. In the 2004 fiscal year, Blackboard had $111.4 million in revenue; WebCT had $38.4 million.

Both companies' Boards of Directors have approved the merger. Subject to regulatory approval and other customary closing conditions, the transaction is expected to close late this year or in early 2006. The combined companies will operate under the Blackboard name and brand with corporate headquarters located in Washington, DC. Operations will continue in WebCT's facilities in Massachusetts and Canada. Michael Chasen will continue to serve as President and CEO.

Weblink: http://www.blackboard.com/webct/merger/release.htm