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SilkRoad buys VTN training company
VTN's Olé Online Learning Environment will become part of SilkRoad's Life Suite products
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Published: November 4, 2008
SilkRoad Technology Inc.'s ability to capitalize on buying opportunities in a sour economy could mean more jobs in Winston-Salem in 2009.
SilkRoad, founded in 2003 and based here, said yesterday that it has bought a Canadian online-training company.
It did not disclose the purchase price for VTN Technologies Inc. of Edmonton, Alberta.
VTN is best known for its Olé Online Learning Environment software, which has more than 400,000 subscribed users that include DirecTV and Rockwell Collins, according to SilkRoad.
SilkRoad's software helps businesses manage customers, employees, projects and data more efficiently. Its programs are sold through a license or as an Internet service. Its most recognized program is RedCarpet, which is used for managing new hires. It has more than 800 clients worldwide.
"We had been trying to buy VTN Technologies for about 1½ years," said Andrew "Flip" Filipowski, the chairman and chief executive of SilkRoad. "VTN has been doing well, but it had a certain amount of concern about the U.S. economy.
"The general state of the economy and the industry is likely to make available other opportunities for deals that otherwise would not have been available."
The purchase of VTN is just the latest expansion step for SilkRoad, which has added about 100 employees since May for an overall work force of 250. Filipowski said that about half of the work force is locally based.
"We expect to add market research, telemarketing and support staff over time in Winston-Salem as we expand," Filipowski said.
The Olé product will become part of SilkRoad's Life Suite products under the brand name GreenLight. VTN will maintain offices in Edmonton, and its work force of 25 will remain there.
"By joining forces with SilkRoad, we are in the enviable position of contributing to an industry-leading organization that is truly forward-thinking," said George Uhrich, the chief executive of VTN.
SilkRoad's aggressive growth strategy has been spurred by a $54 million infusion of capital in May led by Foundation Capital of Menlo Park, Calif., a prominent venture-capitalist that focuses on technology companies and entrepreneurs.
The $54 million lessens the need for SilkRoad to raise money through an initial public offering, which Filipowski had been considering for months in the choppy stock-market environment.
SilkRoad has invested in internal product development and expanded its worldwide direct-sales presence by opening offices in Singapore and Sydney in September to go along with its office in Germany.
■ Richard Craver can be reached at 727-7376 or at rcraver@wsjournal.com.
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