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INTERNET | Internet Software & Services / Education & Training
essentiallearning.com

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Stage

Portfolio Merger | Alive

About Essential Learning

Essential Learning is a provider of interactive e-learning solutions for behavioral and community health, substance abuse, corrections, developmental disability and child welfare organizations. The company offers e-learning solutions for organizations with regulatory training requirements and continuing education needs throughout North America. The company develops training content in collaboration with national and state associations and subject matter experts.In March 2012, Essential Learning was acquired by Vista Equity Partners. The valuation of Essential Learning was undisclosed. Other terms of the deal were not released.

Essential Learning Headquarter Location

10755-F Scripps Poway Parkway #587

San Diego, California, 92131,

United States

800-729-9298

Latest Essential Learning News

Milamber Ventures Plc - Update on Essential Learning

Feb 27, 2019

0 Message : Update on Essential Learning Company Limited Milamber Ventures plc (NEX: MLVP) announces that after significant consultation over several months with the Education Skills Funding Agency (“ESFA”), Essential Learning Company Limited (“Essential”) has been put into liquidation and Mark Supperstone and Ben Woodthorpe of ReSolve Advisory Limited have been appointed as liquidators. The main reasons behind this decision relate to various historic issues identified during due diligence, including historic data relating for the periods prior to Essential’s acquisition by Milamber, which cannot be resolved to the ESFA and Milamber’s satisfaction. Therefore, various contracts held between the Essential and the ESFA have been terminated. Since taking an equity stake in April 2017, Milamber has invested a total of £227,672 in cash and expenses into Essential, whilst £100,000 in Milamber new ordinary shares was paid to Goldvista Properties Limited (“Goldvista” - a minority shareholder in Essential at point of acquisition), and £269,864 was provided in services to Essential by the Milamber team over the past 21 months. It should be noted that during the same period, Goldvista invested into Milamber a total of £310,000 in cash as a loan and is currently under discussion to convert into equity as to be agreed price per share, as well as £6,000 into Essential during 2018 as loan, which is being written off due to the liquidation of Essential. Furthermore, no “Deferred Payment or Consideration” (other than £100,000 of new shares to Goldvista) was paid to the majority shareholder and vendor of Essential, Gravity Investment Group Limited, under the terms of the Share Purchase Agreement. In addition, the original shares (406,250 Milamber shares) paid by Milamber in consideration of acquiring the 15% equity stake in Essential in April and May 2017 from Gravity Investment Group Limited have been cancelled due to multiple breaches of the Share Purchase Agreement. It is expected that Milamber’s consolidated balance sheet at the Group level will show positive net assets at the next accounting date (30 September 2018, consolidated net liabilities being £528,077), and prior year losses associated with Essential will be shown as discontinued. Andy Hasoon, Executive Chairman of Milamber, commented, “When we originally entered into the acquisition and the subsequent restructuring process of Essential, we were careful to mitigate ourselves from any potential risk, knowing the high failure rate of businesses, such as this one, and the various issues we identified that would need to be addressed. As Milamber’s “Buy and Build” strategy involves making multiple acquisitions of regulated training companies we need to understand what can and cannot be fixed. After significant consultation and a lengthy audit to verify what we had declared to the ESFA it was agreed that we could not go back and “fix history”. Thus, the ESFA had no choice but to terminate Essential’s contracts and as such, we have decided to place the company into liquidation, which has the agreement of the original stakeholders. As part of our risk mitigation process we were able to ensure that none of the “Deferred Payment or Consideration” to acquire the company would be paid to the vendors unless these issues, picked up during the due diligence process, were rectified, which has not been the case. Finally, Milamber, through the services it invested, has built significant knowledge as how to improve the systems, processes and effectiveness of Apprenticeship Levy companies and we will be applying this knowledge to our other Portfolio Companies, in particular the recently acquired Astara Training Limited, which means that in the longer-term we should be able to create value for our shareholders”. -ends-

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Essential Learning Patents

Essential Learning has filed 1 patent.

The 3 most popular patent topics include:

  • Honeycombs (geometry)
  • House styles
  • House types
patents chart

Application Date

Grant Date

Title

Related Topics

Status

9/8/2017

9/11/2018

Technical drawing, House types, Honeycombs (geometry), Physical oceanography, House styles

Grant

Application Date

9/8/2017

Grant Date

9/11/2018

Title

Related Topics

Technical drawing, House types, Honeycombs (geometry), Physical oceanography, House styles

Status

Grant

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