NEW YORK, March 1, 2000 (PRIMEZONE) -- WhataboutU.com, a premier global destination Web site servicing undergraduate and graduate students around the world, announced the acquisition of college lecture note leaders TakeNote(r) and TarHeel Notes, educational resource companies servicing the Cornell University and the University of North Carolina at Chapel Hill communities respectively. The acquisitions are part of WhataboutU.com's strategic growth initiative to provide the most comprehensive and authoritative college-related content offerings on the Web. As part of the acquisition, the founders of TakeNote(r) and TarHeel Notes have received an undisclosed cash payment and equity stake inWhataboutU.com in exchange for all joint assets.
WhataboutU.com's acquisition of TakeNote(r) and TarHeel Notes is part of its overall expansion plan. By forming strategic alliances with companies who have proven content and service offerings, WhataboutU.com will be able to leverage the expertise of established companies and provide its users with the highest quality content available.
"WhataboutU.com is committed to providing college and graduate students with content and events that will enhance their academic and social college experience," said Mathew Thomas, CEO and co-founder of WhataboutU.com. "TakeNote(r) and TarHeel Notes will allow us to expand the successful Cornell University and UNC based service model to students around the world. "
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TakeNote(r) and TarHeel Notes brings a combined nineteen years of experience in producing high-quality printed class notes for large, lecture-oriented courses to WhataboutU.com. Since its successful two-year pilot program at UNC, via TarHeel Notes, TakeNote(r) has planned for an aggressive national Web-based expansion program. This development plan will be seamlessly integrated into WhataboutU.com's strategy to offer first-class lecture notes to students at over 200 universities across the United States and around the globe.
"As a leader in the lecture note industry, TakeNote(r) and TarHeel Notes will enable us to provide the highest caliber lecture notes to students around the world," added Thomas.
According to the acquisition agreement, TakeNote(r) and TarHeel Notes founder Ljubomir Stambuk will become the executive vice president of University Affairs and TakeNote(r) cofounder Mark Miller will take on the role of business and strategic advisor to WhataboutU.com.
"We are very excited to be a part of WhataboutU.com's domestic and international expansion plan. Our lecture note management expertise combined with WhataboutU.com's extensive content offering will serve to create the premier global destination for college and graduate students on the Web," added Ljubomir Stambuk, co-founder and managing partner of TakeNote(r) and TarHeel Notes. "This will also enable us to fulfill our original vision of providing high quality lecture notes to students everywhere."
Founded in 1985, TakeNote(r) is an educational resource servicing the Cornell University community. In 1996, TakeNote(r) co-founder Ljubomir Stambuk founded TarHeel Notes, an independent note taking company servicing the academic needs of approximately 2,000 students at the University of North Carolina at Chapel Hill. Both companies produce high-quality printed notes for large, lecture-oriented courses. In conjunction with WhataboutU.com, the companies are planning to roll out their lecture notes service domestically and internationally via WhataboutU.com's network of global destination sites. Growth will center around geographic hubs, which will culminate with WhataboutU.com's presence at over 200 schools in three years, representing an audience of over five million college students
Founded in July 1999 and based in New York City, WhataboutU.com is a premier global destination for domestic and international college and graduate students. WhataboutU.com also builds branded Web communities for universities and colleges. Students who visit the site have access to comprehensive information about colleges from around the world. Services will include complete calendar and events listings, career advice and placement, academic requirement information and details on tuition and housing fees. In addition to the U.S., the company plans to enter various global markets by building Web sites in different countries and offering localized content and services.