For Immediate Release
Second Avenue Software, Inc. Announces Minority Investment by American Public Education, Inc. in Support of Student Engagement and Successful Learning Outcomes
ROCHESTER, NY August 4, 2014—Second Avenue Software, Inc. (dba, Second Avenue Learning) today announced a minority equity investment by American Public Education, Inc. (NASDAQ: APEI), parent company of online learning provider American Public University System (APUS), which operates through American Military University and American Public University.
As part of the transaction, the parties have signed a Master Development Agreement under which Second Avenue will develop online courses based upon its underlying web- and tablet-based gaming technology with content provided by APUS. APEI previously disclosed the equity investment in a quarterly filing with the U.S Securities and Exchange Commission.
APUS is a fully-online institution offering respected, innovative and affordable educational programs to adult learners worldwide. It recently introduced its first Massive Open Online Course (MOOC), and has been recognized by such industry organizations as the Online Learning Consortium (formerly the Sloan Consortium) for innovative and effective practices in online education.
“Rapid technology advancements have enabled more dynamic integration of gaming modules in online programs,” said Dr. Wallace E. Boston, APEI president and chief executive officer. “Second Avenue has been a leader in driving this capability, and we’re pleased to partner with them in creating and leveraging simulations and gaming modules to enhance student engagement and learning outcomes in select courses.”
"APUS is widely recognized for its ongoing commitment to innovation in course design and delivery, making them a highly desirable partner”, said Second Avenue Learning founder and CEO, Victoria Van Voorhis. “Their versatile and agile learning management systems are an ideal platform for our leading-edge gaming applications, and we're truly excited to join them in further enhancing the virtual classroom experience for their more than 100,000 students worldwide." Arcady Bay Partners, led by Principal Edward Meehan, served as an advisor to Second Avenue throughout the capital raise.
Second Avenue Learning was founded in 2006 in Rochester, NY by a team of educators and gamers, led by chief executive officer Victoria Van Voorhis. The company is focused on improving educational outcomes for learners of all ages through engaging, pedagogically correct digital learning solutions. Products include games, web- and tablet-based applications, and next-generation materials that support blended learning in online environments.
About American Public Education, Inc.
American Public Education, Inc. (NASDAQ: APEI) is an online provider of higher education focused primarily on serving the military and public service communities. American Public University System (APUS), wholly owned by APEI, operates through American Military University (AMU) and American Public University (APU). APUS serves more than 100,000 adult learners worldwide and offers more than 90 degree programs in fields ranging from homeland security, military studies, intelligence, and criminal justice to technology, business administration, public health, and liberal arts. Nationally recognized for its best practices in online higher education, APUS provides an affordable education through classes taught by experienced faculty who are leaders in their fields and committed to the academic achievement of their students.
About Second Avenue Learning
Founded by educators and gamers, Second Avenue Learning provides custom development and managed services to education technology clients such as Pearson, McGraw-Hill and W.W. Norton. Second Avenue builds effective, interactive learning products, both proprietary and client-facing, that are innovative, pedagogically accurate and visually compelling. Second Avenue applies expertise to innovate the learning process, and understands that technology serves as a critical enabler to achieve fully customized learning environments and unlock the potential of all students. Our team takes a synergistic approach to all work, and includes subject matter experts, programmers, artists, learning designers, quality analysts and project managers. Here at Second Avenue, we create alternative learning paths and challenge the status quo. It is time to reimagine learning.
Forward Looking Statements
Statements made in this press release regarding American Public Education, Inc., or its subsidiaries, that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about American Public Education, Inc. and the industry. These forward-looking statements are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Forward-looking statements can be identified by words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "should", "will" and "would". These forward-looking statements include, without limitation, statements regarding the potential benefits to APEI, or its subsidiaries, from the ability of Fidelis to develop its software. Actual results could differ materially from those expressed or implied by these forward-looking statements as a result of various factors, including the various risks described in the "Risk Factors" section and elsewhere in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 and other filings with the SEC. The Company undertakes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.