Clearwire provides broadband Internet access for small and midsize businesses in locations where DSL or T1 access isn't available by installing wireless transmitters, attached to windows in some cases, that point to recei-ver towers up to 25 miles away. The system delivers 512-Kbps transmission speeds, something the company wants to improve. But it's been hampered by a lack of available wireless spectrum and the need for a second-generation transmission system. ITFS wanted to capitalize on its spare spectrum. Blackboard's software platform is used for E-courses by more than 1,500 schools, including Harvard and Georgetown.
Schools can also manage student debit accounts with the company's software.
The new funds will help Blackboard explore other acquisition opportunities, CEO Michael Chasen says. The additional capital should also help pave the way to profitability by year's end, he adds. Universities aren't affected by economic turmoil as much as businesses, so they're less likely to put E-learning investments on hold. There's an inexorable trend towards schools putting a portion of their courses online. The academic market doesn't have the deep pockets of corporate training.