This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

RSmart Secures $10.75 Million In Series B Funding To Accelerate Growth Of Open Source Solutions For Higher Education

SCOTTSDALE, Ariz., Aug. 16, 2012 /PRNewswire/ --  rSmart, provider of education technology solutions built on open source, community developed Sakai and Kuali software, has secured $10.75 million in series B funding from ASAHI Net (TSE1: 3834JP), GSV Advisors (Nasdaq: GSVC), and private investors. The new funding will support rSmart's growth strategy in three main areas: cloud infrastructure expansion, accelerated platform development, and expanded professional services capacity.

The market for learning management systems (LMS) and enterprise resource planning (ERP) represents an estimated $12 billion opportunity within the education space. At a time when colleges and universities are grappling with shrinking budgets, rising costs, and legacy systems, many are embracing open source software as a cost effective alternative for everything from learning to finance and research systems.

"There are inherent advantages of open source, community developed software in the higher education space, and we see rSmart tapping into this market in a very successful way," said Michael Moe, lead investor for GSV Capital Corp. "rSmart is helping universities realize lower total cost of ownership and higher quality products that are easy to use. Most importantly, rSmart's customers are becoming part of a sustainable, collaborative movement using solutions built by higher education for higher education. GSV wants to be part of this movement, and rSmart is the company to make it happen."

"As colleges and universities continue to adopt open source software at an increasing rate, this latest round of funding gives rSmart the investment to expand our business, especially our cloud-based solutions," says Chris Coppola, CEO of rSmart. "By building with open source software at the foundation, we are able to provide our customers with all of the benefits of open source as well as additional capabilities, services, and support that are needed to deliver mission-critical applications at an enterprise scale."

Several initiatives are currently underway including expansion of the rSmart cloud infrastructure that delivers Sakai in the Cloud (LMS) and Kuali in the Cloud (ERP). rSmart will also accelerate the development of its technology platform that unifies LMS and ERP solutions so institutions can better leverage data and capabilities that span the entire enterprise. In addition, rSmart is expanding its professional services team to meet the increasing demand of institutions that need to implement, support, and manage Sakai and Kuali solutions. The company currently has 79 employees, and plans to grow to 100 by the end of the year.

"rSmart has earned a reputation for delivering expert technology solutions for education, which has translated into strong sales and sustained growth," said Takashi Takekawa, President and CEO of Asahi Net International, Inc. "The company is well positioned for leadership in the education technology space as institutions face challenges with a dynamically changing learning environment, legacy backend systems, and inefficient paper processes. We are excited to work with rSmart in this next stage of growth and look forward to bringing innovation to education."

About rSmartrSmart provides education technology solutions built on the open source, community development model of Sakai and Kuali. By leveraging a community development model, rSmart engages leading colleges and universities all over the world to develop and support innovative, enterprise open source software for teaching, learning, research, and administration. This collaborative approach to technology provides rSmart customers with a commercially reliable platform specifically designed by education, for education, to meet the unique needs of each institution. For further information, please visit www.rsmart.com.

Follow rSmartTwitter: http://twitter.com/rsmartLinkedIn: http://www.linkedin.com/companies/rsmartFacebook: http://www.facebook.com/rsmart.team Media Contact: Aly SaxeUbiquity Public Relations602.268.6849 aly@ubiquitypr.com

SOURCE rSmart

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs