Victoria's Mediacore Acquired by $14 Billion US Giant WorkdayFriday, October 9, 2015
Vancouver, BC, October 9, 2015--(T-Net)--Victoria-based MediaCore announced that it has been acquired by a $14.46 Billion (market cap) publicly traded Silicon Valley-based US giant Workday.
MediaCore, which has developed a cloud-based educational video platform, was launched in 2010-2011 and recently closed a $4.5 million Series A financing led by Vanedge Capital in February earlier this year (February 2015).
The company also reportedly earlier raised a $500K seed round in 2011, and a $1.5 Million Angel financing round in 2013. MediaCore also took home the $100,000 first prize in the 2012 BCIC-New Ventures BC competition.
Details of the acquisition and purchase price have not been released.
Workday is a US-based leading provider of enterprise cloud applications for finance and human resources founded in 2005, with a current market cap of over $14 billion (as of today's date), and revenue of over $787 million in its latest fiscal year.
According to a blog post by the company, the current MediaCore staff and company will remain in Victoria, and are expected to grow substantially under their new corporate owners Workday.
"This will mean great things for our team, for our beautiful city - and - for the future of online learning. I started MediaCore in 2011 with co-founders Damien, Anthony, and Nate. We shared an idea - to transform the way we teach and learn through video. We wanted to make the learning experience better today than it was when we were students." said Stuart Bowness, Co-Founder and CEO in a company blog post.
"Those ideas will continue with Workday, and so will our incredible team. In fact, we plan to grow the team here in Victoria as we integrate our media management technology across Workday's suite of applications, beginning with Workday HCM for onboarding and Workday Learning. We can't wait to show you what the future has in store", continued Mr. Bowness.
The company has published a touching note and video thanking its staff, investors and customers on its website here, and an even more touching letter from Co-Founder and CEO Stuart Bowness entitled "To my team of incredible adventurers" on the company's Facebook account.
Editor's Note: Victoria TimesColumnist reporter Andrew Duffy has also written an excellent and more in depth article on Workday's acquisition of MediaCore (and what it will mean for the company and the City of Victoria), with substantial additional quotes and commentary from the company. Read it here.
Workday also issued a press release last week around the same timeframe entitled "Workday Unveils Workday Learning" which appears to relate to its acquisition of MediaCore.
Chief of Engineering
MediaCore provides a solution that enables educational institutes to capture media, build a media library and store content.
Video is transforming education, and MediaCore helps hundreds of educational institutions around the world embrace it. The MediaCore Video Platform puts powerful video learning and sharing tools into the hands of every student and professor — empowering them to easily capture, manage and share video privately and securely across all platforms and mobile devices.
MediaCore received a wide range of awards, recently being recognised by Fast Company as one of the top ten most innovative companies in digital video.
Workday is a leading provider of enterprise cloud applications for finance and human resources. Founded in 2005, Workday delivers financial management, human capital management, and analytics applications designed for the world's largest companies, educational institutions, and government agencies. More than 1,000 organizations, ranging from medium-sized businesses to Fortune 50 enterprises, have selected Workday.
Photo Credits: MediaCore
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