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Oct 13, 2010

Eleutian Expands into China, Merges with Idapted

CODY, Wyo., October 13, 2010 — Eleutian Technology Inc. is expanding into the lucrative Chinese market through a merger with the Beijing-based English language instruction firm, Idapted.

"It was appropriate to explore a merger that would leverage complementary elements of both companies and allow the company as a whole to grow far more quickly than either could do on its own," Eleutian CEO Kent Holiday said in a company release. "The combined force of this merger effectively makes Eleutian Technology the market leader in the online English teaching space."

Robert Grady, a managing director at Cheyenne Capital Fund and the chairman of the board of Eleutian Technology Inc., said, " By combining with Idapted, its excellent technology platform, its talented China-based engineering team, and its supply of American voice-only tutors, Eleutian Technology can accelerate its growth and more successfully attack the $100 billion market of English language instruction," he added.

Idapted Ltd., founded in Beijing in 2006, has created a technology platform that enables language learning instruction to be delivered through a work-at-home remote teacher model. Its e-learning and VoIP technology, along with expertise in content creation, instructor recruitment, training and management, contribute to its industry-leading program. 

"The merger gives the new combined entity, (Eleutian) a leading presence in both the Chinese and Korean instruction markets," said Adrian Li, the co-founder of Idapted and now general manager, China, Eleutian Technology Inc. "The combined company will be able to more quickly serve additional markets." 

Both Eleutian Technology Inc. and Idapted Ltd. have attracted financing from strategic and well-known private equity partners. The new entity to which Eleutian Technology Inc. will include as shareholders are Cheyenne Capital Fund, Gobi Partners, Yoon's Academies (Korea), Russell Siegelman (formerly a partner at the venture capital firm Kleiner Perkins Caufield and Byers), Xu Xiao Ping, Ambient Sound Investments (ASI), and others.
SOURCE: Wyoming Business Report