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Oct 13, 2010

Eleutian Technology Inc. and Idapted Ltd. Merge to Create Global Leader in Online English Instruction


CODY, Wyo., – BEIJING, PRC – October 13, 2010 – Eleutian Technology Inc. and Idapted Ltd. today announced a merger that will create the global leader in the $100 billion online English instruction market. The new corporate entity will be known as Eleutian Technology Inc. Robert Grady of Cheyenne Capital Fund will serve as Chairman of the company with Kent Holiday remaining President and CEO. Adrian Li, co-founder and CEO for Idapted, will take a role as General Manager, China. Jonathan Palley, co-founder and CTO/COO for Idapted, will head global engineering as Vice President, Technology and Products.


Investors will include Cheyenne Capital and Gobi Partners. Additionally, Russell Siegelman, former partner of venture capital firm Kleiner Perkins Caufield and Byers, and Xu Xiao Ping, co-founder of New Oriental (NYSE:EDU), will serve as investors and key advisors.


“We are pleased to announce this merger and are excited about the opportunities it will create for the combined entity of Eleutian Technology and Idapted,” said Holiday. “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. The combined force of this merger effectively makes Eleutian Technology the market leader in the online English teaching space.”


Eleutian Technology Inc., founded in 2006, has expanded rapidly into an underserved market, utilizing video conferencing internet technology. Eleutian Technology Inc. provides top-quality English teachers to students, either in a group or individual setting, anywhere in the world. Eleutian Technology Inc., based in the state of Wyoming (U.S.A.), currently employs 500 teachers and works with more than 50,000 students.


“Eleutian Technology is the first and most successful mover in a very large market, made possible by advances in technology and communications, that is revolutionizing the way English is and will be taught,” said Robert Grady, a Managing Director at Cheyenne Capital Fund and the Chairman of the Board of Eleutian Technology Inc. “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.


“I find the combination of Eleutian Technology and Idapted to be an exceptionally compelling business opportunity with a new and innovative business model and I am excited to be both an investor in and an advisor to the combined company,” said Xu Xiao Ping, co-founder of New Oriental.


Idapted Ltd., founded in Beijing, China in 2006, has created a proprietary technology platform that enables highly scalable, quality and effective 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 platform.


“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.”


Idapted’s platform was selected by the British Council as the technology platform for its VoIP English Language Service and has been featured in e-learning conferences globally. The platform also drives EQEnglish, Idapted’s leading web-based service in China.


“We created breakthrough technology that enables a new generation of live-learning solutions,” said Jonathan Palley, co-founder of Idapted and now Vice President of Technology and Products, Eleutian Technology Inc. “The combination of the Idapted home-based approach with Eleutian’s centers-based approach empowers the new entity to recruit and deliver the best teachers without regard to geographic location.”


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



About Eleutian Technology Inc.:


Eleutian Technology is the industry leader of online language instruction for global business and education entities.  Eleutian’s effective teaching methods have already earned endorsements from many world-class organizations, including The Korean Ministry of Education, Sumitomo Corporation, Incheon Metropolitan City Office of Education (Korea), Gwangju Metropolitan City Office of Education, Yoon’s English Academy, Spicus, and more. With over 50,000 tutoring sessions per month, Eleutian is a market leader in the $100 billion per year language education space.


The company’s teaching services feature one-on-one or group tutoring sessions between students and certified U.S. teachers.  In addition to their teaching credentials Eleutian’s instructors have received a rigorous 30+ hour training course focused on methods for teaching English as a second language.


Eleutian was founded in 2006 by Kent Holiday, who previously held executive positions in Asia for U.S. Robotics, 3Com, Cisco Systems, Ericsson and KT (Korea Telecom).


About Idapted Ltd.:

Idapted is the leading technology enabled service company that provides scalable one-on-one language instruction. Its proprietary e-learning technology along with its full-stack knowledge in content creation, instructor recruitment, training and management allows it to deliver a new generation of online language learning products.


With numerous innovations in the way synchronous instruction can be delivered online, Idapted’s platform was selected by the British Council as the technology platform for their VoIP English Language Services and has been featured in E-Learning conferences globally. The platform also drives EQEnglish, Idapted’s leading web-based service in China.


Idapted was founded in 2006 and is backed by notable investors with education and technology experience from Silicon Valley, Europe and China. Idapted delivers its services globally and is headquartered in Beijing, China.



From left to right: Jonathan Palley, Vice President of Technology & Products; Adrian Li,General Manager China; Xu Xiaoping,Investor and Key Advisor; Robert E. Grady,Chairman of the Board; Kent Holiday,President and CEO.



Mr. Xu Xiao Ping giving his speech at the Eleutian-Idapted Merger Announcement on 13th October 2010 at the Grand Hyatt Beijing.


SOURCE: Eleutian Technology