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SumTotal Systems

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"SumTotal" redirects here. For the mathematical operation, see Summation.
SumTotal Systems, Inc.
  • SumTotal
  • Sumtotal Systems LLC
IndustrySoftware
Predecessors
  • Asymetrix
  • Docent Software
Founded
  • 1985 (as Asymetrix)
  • 1997 (as Docent Software)
  • 2003 (as SumTotal Systems)
Headquarters
Gainesville, Florida
,
USA
Key people
Ronald Hovsepian, CEO
Jeffrey Laborde, CFO
Owner
Websitewww.sumtotalsystems.com

SumTotal Systems, Inc. is a software company based in Gainesville, Florida, that provides human resource management software and services to private and public sector organizations.[1] The company uses multiple cloud-based channels, including software as a service (SaaS), hosted subscription, and premises-based licensure.

In September 2014, it was acquired by SkillSoft, a provider of online learning to corporate training organizations.[2] In June 2022, SkillSoft announced its intention to sell the company for approximately $200 million.[3]

On August 25, 2022, Cornerstone OnDemand, Inc. announced that it had completed the acquisition of SumTotal.[4][5]

History

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1984-1997: Asymetrix

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Asymetrix Learning Systems, based in Bellevue, Washington, was founded in 1984 by Paul Allen and funded through his Vulcan Ventures.[6] Asymetrix then spent around ten years developing software for online education.[6] Among the first products from this development period were ToolBook,[7] Asymetrix Librarian, and the e-Learning Network – an early software as a service product. Additionally, an early three-dimensional rendering system Asymetrix 3D F/X was released in 1994 and later renamed Web3d.[citation needed] Asymetrix also produced a variety of screen savers for a short period[8] and developed Compel (a graphical presentation and prototyping program).[9]

The company was recapitalized in 1995 with more funding from Allen.[6] In October 1996, SoftBank invested about $3.8 million in Asymetrix. In September 1997, Asymetrix acquired Aimtech for about $3.1 million in stock. In October 1996, the company spun off its client/server tools into a newly created wholly owned subsidiary, ASX Corporation, which was renamed ConQuer Data, Inc. It was later renamed Infomodelers, which was then sold to Allen.[citation needed] In September 1997 Asymetrix acquired Oakes Interactive Incorporated, Acorn Associates Incorporated and TopShelf Multimedia for approximately $2.1 million. In the first half of 1998, it acquired New York-based Meliora Systems and Illinois-based Strategic Systems Associates.[citation needed] In 1998 Asymetrix went public. The June initial public offering (IPO) raised approximately $31 million. After the IPO, Allen controlled about 45% of the shares.[6] Asymetrix was listed on the Nasdaq exchange with the ticker symbol ASYM, with a lukewarm market reception.[10] In September 1999 Asymetrix issued $10 million in preferred stock to Vulcan and Marshall Capital.[11]

In October 1999 Asymetrix's name was changed to click2learn.com, when James A. Billmaier was its chief executive.[12] Between 1995 and 1999, like many companies in the dot-com bubble, Click2learn reported growing revenues but continued operational losses.[citation needed] Kevin M. Oakes took over as chief executive in January 2000.[13] In early 2000, the company spun off its graphics and rendering software as InfoModelers, which was acquired by Visio Corporation.[14] Other noteworthy acquisitions included the May 2001 purchase of IntelliPrep Technologies, Incorporated and Meliora who made Ingenium. [citation needed] As products were consolidated into their Aspen Enterprise Productivity Suite, losses continued through 2002, resulting in operational cost control measures including reductions in workforce.[15] In 2003 click2learn (formerly Asymetrix) and Docent Software announced their intention to merge.[16]

1997–2002: Docent Software

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Docent Software was founded in 1997 and based in Mountain View, California.[17] David Mandelkern and Pardner Wynn founded the company, with Wynn as chief executive and Mandelkern as chief technology officer[17] The company developed business-oriented training software. Pardner and Cynthia Wynn (then married) had developed Stanford Testing Systems in 1994, doing business as TestPrep,[18] which was incorporated into Docent software holdings.[citation needed] Docent was funded by venture capital in six rounds from investors such as Norwest Venture Partners, Advanced Technology Ventures, and Invesco. It had operating losses for 1997, 1998, and 1999.[17] David R. Ellett replaced Wynn as chief executive in July 1998 on the cusp of the dot-com bubble. In 2000 Docent filed for an initial public offering (IPO) and went public on NASDAQ on September 29, raising approximately $85 million.[19] Docent acquired gForce Systems in October 2001 for $5.3 million, which included about $4.7 million in debts and liabilities. R. Andrew Eckert joined as president in December 2001 and ultimately replaced Ellett as CEO in April 2002.[20] After growing to over 200 employees at the time of the IPO, by 2002 the company had reduced its staff by 20% to cut costs.[21]

2003–2004: SumTotal Systems

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In 2003, when click2learn (formerly Asymetrix) and Docent announced their intention to merge, click2learn's shareholders received slightly more than half of the stock in the merged company - former shareholders in click2learn owned about 52% and Docent about 48% of the shares. At the time of the merger, click2learn employed over 300 people, 100 of which were in Hyderabad, India, and Docent employed an additional 170.[16] The combined company became Hockey Merger Corporation in February 2004 while a new name was planned.[22] On March 18, 2004, the new name SumTotal Systems was announced for the combined company,[23] with headquarters in Gainesville, Florida. The merger was completed in 2004.[citation needed] Shares in the new company were listed on the Nasdaq exchange with the symbol "SUMT" (previous symbols were CLKS and DCNT).[23]

2005–2017: Acquisitions

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In October 2005, SumTotal acquired Pathlore, a mid-market learning management systems company with a focus in state and local government and healthcare.[24] In 2006 SumTotal acquired the privately owned software company MindSolve Technologies, founded in 1994, for about $12 million. Mindsolve focused on performance management software.[25] In May 2009 Vista Equity Partners, the largest software-only private equity fund, agreed to acquire SumTotal for $160 million[26] and closed the transaction in July 2009.[27]

On January 5, 2011, GeoLearning was acquired by SumTotal.[28]

In July 2011 SumTotal acquired CyberShift, a Parsippany, New Jersey, software company focused on SaaS multitenancy workforce management and expense software, and Accero, an enterprise payroll and benefits software provider.[29]

In August 2014, Skillsoft Limited, a computer-learning software and content provider, announced that its subsidiary, Skillsoft Corporation, had entered into an agreement to acquire SumTotal Systems, LLC from affiliates of US-based private equity firm Vista Equity Partners.[30] In September 2014, SumTotal was acquired by SkillSoft.[2]

Technology and services

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Services include learning management, workforce management, talent management, HR, planning, analytics, payroll and benefits.[31] The company delivers its software as a service (SaaS) using cloud computing, and in some cases premises-based licensure. The company has regional offices in the United States, Canada and outside of North America including Europe and APAC.[citation needed]

See also

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References

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  1. ^ "SumTotal Systems, Inc. | Company profile from Hoover's". Hoovers.com. Archived from the original on 2010-07-07. Retrieved 2010-07-05.
  2. ^ a b "Skillsoft Acquires SumTotal". Forbes. October 1, 2014. Retrieved October 1, 2014.
  3. ^ "Cornerstone acquires SumTotal, marking 'the end of an era'". Chief Learning Officer - CLO Media. Retrieved 2022-12-22.
  4. ^ "Clearlake Capital-Backed Cornerstone Completes Acquisition of SumTotal". Sumtotal Systems. Retrieved 2022-12-22.
  5. ^ "Cornerstone Completes Acquisition of SumTotal". Training Industry. Retrieved 2022-12-22.
  6. ^ a b c d Asymetrix Learning Systems (June 12, 1998). "Prospectus for initial public offering". Registration Number 333-49037. US Securities and Exchange Commission. Retrieved November 2, 2013.
  7. ^ "List of ToolBook versions which have previously shipped". ToolBook knowledge base. SumTotal. Archived from the original on May 17, 2021. Retrieved June 15, 2017.
  8. ^ Glicken, Harold (1994-05-15). "CD-Rom - "Jurassic Park: The Screen Saver"". The Seattle Times. Knight-Ridder Newspapers. Retrieved 23 March 2023.
  9. ^ "Design and Implementation Considerations for an Interactive Multimedia Kiosk: Where to Start" Archived 2014-02-28 at the Wayback Machine, Cranston, Clayton, and Ferrands, Central Queensland University, 1996
  10. ^ "Asymetrix generates little enthusiasm after IPO at $11", Wall Street Journal, (article mirror)
  11. ^ Asymetrix Learning Systems (September 30, 1999). "Securities Purchase Agreement". Form 8-K. US Securities and Exchange Commission. Retrieved November 2, 2013.
  12. ^ "Asymetrix renamed click2learn.com". Puget Sound Business Journal. October 11, 1999. Retrieved November 2, 2013.
  13. ^ Click2learn (March 1, 2000). "Annual Report for Fiscal Year Ending December 31, 1999". Form 10-K. US Securities and Exchange Commission. Retrieved November 2, 2013.{{cite web}}: CS1 maint: numeric names: authors list (link)
  14. ^ Duncan Dwelle (January 29, 2000). "InfoModelers acquired by Visio!". Applied Information Science. Archived from the original on November 4, 2013. Retrieved November 2, 2013.
  15. ^ Click2learn (March 1, 2002). "Annual Report for Fiscal Year Ending December 31, 2002". Form 10-K. US Securities and Exchange Commission. Retrieved November 2, 2013.{{cite web}}: CS1 maint: numeric names: authors list (link)
  16. ^ a b "Click2Learn, Docent ink merger pact". India Times InfoTech. October 29, 2003. Archived from the original on 2011-08-11. Retrieved November 2, 2013.
  17. ^ a b c Docent (September 29, 2000). "Registration of initial public offering". Amendment Number 3 to Form S-1/A. US Securities and Exchange Commission. Retrieved November 1, 2013.
  18. ^ "Company Background and How to Reach Us". Original web site. Stanford Testing Systems. Archived from the original on May 22, 1997. Retrieved November 2, 2013.
  19. ^ "Docent Inc (DCNT) IPO". Nasdaq. Retrieved November 2, 2013.
  20. ^ Docent (March 24, 2003). "Annual Report for Fiscal Year Ending December 31, 2002". Form 10-K. US Securities and Exchange Commission. Retrieved November 2, 2013.
  21. ^ "Docent slices staff". Silicon Valley Business Journal. May 17, 2002.
  22. ^ Hockey Merger Corporation (February 11, 2004). "Registration of securities, business combinations". Amendment Number 3 to Form S-4. US Securities and Exchange Commission. Retrieved November 1, 2013.
  23. ^ a b SumTotal Systems (March 18, 2004). "Acquisition or Disposition of Assets". Form 8-K: Current report. US Securities and Exchange Commission. Retrieved November 1, 2013.
  24. ^ "Acquisition of Pathlore completed by SumTotal Systems (Pathlore Software Corp)". Telecomworldwire. Retrieved 2011-08-03 – via Highbeam.
  25. ^ "SumTotal Acquires MindSolve Technologies". Press release. Elearnity. November 14, 2006. Retrieved November 2, 2013.
  26. ^ "SumTotal Chooses Rival Bid From Vista". Dealbook. The New York Times. May 27, 2009. Retrieved November 1, 2013.
  27. ^ SumTotal (July 24, 2009). "Deregistration of Securities". Form S-3. US Securities and Exchange Commission. Retrieved November 1, 2013.
  28. ^ GeoLearning, Sumtotal Systems, archived from the original on 2011-07-22
  29. ^ "SumTotal Systems Acquires CyberShift and Accero". Business Wire. July 7, 2011. Retrieved May 21, 2014.
  30. ^ Acquisition, skillsoft.com, August 2014, retrieved March 11, 2017
  31. ^ "SumTotal Systems, Inc". Bloomberg Businessweek. Archived from the original on September 7, 2009. Retrieved 2011-08-03.
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