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Tuesday, March 17, 2009

Tutor.com's New Partner and Investor

Getting any kind of investment deal done these days is a lot harder than it used to be, in this risk-averse climate.

Getting one done that brings in growth capital for Tutor.com and a great partner that will help us expand into new markets and internationally, feels really good.

The company making a strategic investment in Tutor.com is Sodexo. Based in Paris, they do over $20 Billion in revenues annually, operate in 80 countries, and employ over 350,000 people. You can learn plenty about our new partner at http://www.sodexo.com/.

The investment amount is not disclosed, but I can say that it is a minority stake, not a controlling one, and that Sodexo will be a very active investor. My cautious business environment outlook, however, does not change (see previous post - http://tinyurl.com/c28a28), and we will remain extremely frugal.

This investment will help Tutor.com deliver on our promises to libraries, schools, corporations, and our student customers, even through the rainy days of the economic downturn. Students of all ages need us even more in these tough economic times, as many seek help with their job search and re-training to qualify for new jobs. This will allow us to continue to invest in product and service innovations, such as the release of our Adult Learning Center and Student Learning Center products this summer.

The deal was closed earlier this month, and now the hard work begins again -- so many opportunities and so many new ideas. Off to the races,

George Cigale, gcigale@tutor.com