| “Together we now have the most powerful comprehensive product capabilities and a corporate client list second to none in the UK” says Steve Dineen, CEO of fuel
First acquisition follows substantial new investment for growth
fuel, one of Europe’s leading e-learning companies, has acquired the business of Wide Learning.
Steve Dineen, CEO and founder of fuel says: “We have been looking to add to our organic growth by an acquisition. This is a superb opportunity for fuel to enhance its range of capabilities and expertise. Together we now have the most comprehensive product range on the market and a corporate client list second to none in the UK.”
Jason Kay, Sales Director of Wide Learning added “This brings together two well-established e-learning companies that have tremendous synergy.”
Although both businesses work with many leading companies, there is little overlap. fuel is one of Europe’s leading specialists in creating high quality bespoke content for corporate induction, and product, sales and software applications training for a wide range of markets. Its current clients include Bank of Scotland, BT, Cable & Wireless, Canon Europe, The Football Association, Oracle, SAP, Hewlett-Packard, Nike and Rabobank. In 2002 it achieved a record year in which it won 21 new clients and increased its income from e-learning by 100 per cent.
Wide Learning has specialised in the creation and delivery of highly effective customisable regulatory, compliance and business skills e-learning solutions and selling them to the financial services and professional services sectors. Amongst its 200 customers, it has key relationships with Legal & General, Gartmore Investment Management, Gerrard Ltd, Coutts Group, Franklin Templeton Investments, Wachovia Corporation, Clifford Chance, Linklaters and Britannic Asset Management.
Steve Dineen continued: “ These developments bring together two companies highly influential and successful in their markets to create an even more powerful and efficient organisation. It will enable us to maximise the return on our resources and make further inroads for both brands in other markets.”
This is fuel’s first acquisition since recently attracting a private investment of £1.4m from Stanley Davis and Nigel Lindsay-Fynn to fund growth and expansion.
Steve Dineen concludes: “This investment is testimony to our success in 2002 and this year. It also reflects the enormous and exciting opportunities in this potentially massive market. Once we have integrated this first acquisition we shall be looking for further expansion.”
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