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6.8.2003
Northface University and Great Hill Partners Close $13 Million Equity Private Placement
Salt Lake City, Utah and Boston - July 8, 2003 - Northface University, a postsecondary institution for software developers, and Great Hill Partners, a Boston-based private equity firm, announced today the closure of $13 million in Series B private equity funding.
Proceeds from the funding will be used by the university to support the start of classes for the Masters program in September 2003 and the Bachelor's program in January 2004.
"Northface University is well-positioned to take advantage of the large market demand to educate the next generation of software developers," said Matt Vettel, partner at Great Hill Partners. "We welcome the opportunity to partner with Northface University because it is a true innovator in the field of computer science education - both in coursework offered and in intellectual property. The university has attracted an internationally acclaimed faculty and backed them with a talented management team."
"Great Hill Partners has a solid history of investing in the postsecondary education market. We're excited to have their support because it validates our efforts to create a new approach to computer science education," said H. Scott McKinley, chief executive officer of Northface University. "This funding represents the next milestone for Northface University as it accelerates our ability to create the finest university for software developers."
William Blair & Company, L.L.C., a Chicago-based independent investment firm, acted as placement agent for Northface University in this transaction.
About Northface University
Northface University is establishing the finest university for software developers, offering Bachelor of Science in Computer Science and Master of Business Administration in Enterprise Informatics degrees. The university is accredited by the Accrediting Council for Independent Colleges and Schools (ACICS). Northface University's focused curriculum includes hands-on learning through real-world projects, mentoring by the industry's most distinguished faculty members, and advanced training in modeling, architecture, and business processes. The program places emphasis on students gaining fluency in IBM's WebSphere, Microsoft's .NET, and open source development environments. It's an entirely new model for solving the Global 1000 shortage of qualified applications developers, and Northface University is leading the way. Visit
www.northface.edu.
About Great Hill Partners
Great Hill Partners is a private equity firm that manages over $1 billion in capital and focuses on investing in companies in education, business services, media, information, IT, and communications sectors. Great Hill Partners is currently investing its $460 million fund, Great Hill Equity Partners II, L.P., and is targeting investments of $10 million to $50 million. For more information, please visit
www.greathillpartners.com.
About William Blair & Company
William Blair & Company, L.L.C. is an independent investment firm offering investment banking, asset management, equity research, institutional and private brokerage and private capital to individual, institutional and issuing clients. Since 1935, the Chicago-based firm has been dedicated to helping its clients achieve their financial objectives by providing quality products and services. Located in Chicago, Hartford, London, San Francisco, Tokyo, Vaduz, and Zurich, William Blair & Company is entrusted with more than $19 billion in client assets. For more information, please visit
www.williamblair.com.
"Northface University is a trademark of Northface Holdings, LLC. All other products or services are trademarks or registered trademarks of their registered owners."
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