THINQ Receives $20 Million in Financing; CIBC Capital Partners, Mellon Ventures Join Existing Investors in Endorsing THINQ Learning Solutions' Market Leadership and Customer Success

Business Wire, April 9, 2001

Business/Technology Editors

BILLERICA, Mass.--(BUSINESS WIRE)--April 9, 2001

THINQ Learning Solutions, a leading provider of enterprise wide corporate learning solutions, announced today it has received $20 million in financing in its fourth round of equity investment led by two prestigious venture capital firms, CIBC Capital Partners and Mellon Ventures. Despite the economic climate, investors funded this round because of their continued confidence in THINQ's seasoned management team, their business model, and continued success in winning new customers. In addition, investors point to THINQ's product and services leadership, the company's global vision, and a proven merger and acquisition growth strategy as key to THINQ's staying power in a difficult market. THINQ will use the money for operations, product development and acquisitions.

"Our decision to invest in THINQ is based largely on the long-term value we see in the company's technology, business model, and management team," said Teddy Rosenberg, managing director at CIBC Capital Partners. "THINQ is unique in its ability to provide both proven technology and content solutions. We believe this combination will drive its success with customers."

This latest round brings THINQ's total venture funding to $66 million since its incorporation in February of 1999. THINQ's previous financing came from a number of leading institutional investors, including Charles River Ventures, Bessemer Venture Partners, BCI Partners, HLM Management and Windspeed Ventures. These firms also participated in this recent funding.

"THINQ's management team had the foresight to uniquely position the company in the corporate training market while offering a complete corporate training solution," said Ryan Busch, vice president of Mellon Ventures. "THINQ offers the industry-leading LMS and the most comprehensive content offering, along with consulting and support services. THINQ is truly a one-stop shop for all enterprise training needs, whether for online learning or in traditional modes such as classroom."

CIBC Capital Partners, based in Toronto, is the merchant banking division of the Canadian Imperial Bank of Commerce, the eighth largest bank in North America. Mellon Ventures, located in Pittsburgh, PA and an affiliate of Mellon Financial Corp. (NYSE: MEL), is one of the largest venture capital firms in the U.S. with over $1.3 billion under management.

"Receiving endorsement from such impressive investors in a very difficult market underscores THINQ's leadership in the e-learning arena," said THINQ CEO Hemang Dave. "We believe this continuing investor support will reassure customers and partners that THINQ is here to stay with a sustainable business plan and leadership in both the learning management system and content aggregation spaces."

Since THINQ's last round of funding, the company has grown significantly, adding numerous corporate customers and strategic partners. A merger with TrainingServer, Inc. in October 2000 delivered over 200 new customers and four million active learners to the company. THINQ has since successfully integrated both its and TrainingServer's products and services to create a single, comprehensive source for enterprise learning needs. This new combination of products and services has earned THINQ significant new contracts with organizations such as Eastman Kodak and CommerceOne.

The corporate e-learning market is currently more than $2 billion and is expected to grow to $23 billion by 2004, according to a recent report by International Data Corp., which predicts the market will more than double in each of the next three years.

About CIBC Capital Partners

CIBC Capital Partners is a leading North American merchant bank and part of CIBC World Markets, Canadian Imperial Bank of Commerce's investment bank. CIBC Capital Partners is invested in over 200 companies and in approximately 100 private equity funds around the world, with total commitments in excess of $5 billion. CIBC Capital Partners' merchant banking activities include private equity investments in venture capital, leveraged buyouts, and other special situations. CIBC Capital Partners venture capital investments are primarily focused on the telecommunications, technology, and health care industries. Merchant banking professionals are located in New York, Menlo Park, Toronto and Dublin.

About Mellon Ventures

Mellon Ventures, Inc., an affiliate of Mellon Financial Corporation (NYSE:MEL), makes equity-related investments of between $3 million and $25 million in rapidly growing operating companies. With offices in Atlanta, Los Angeles, New York, Philadelphia, and Pittsburgh, Mellon Ventures, Inc. invests at all stages of the growth cycle, from early stage venture capital to later stage growth financings and buyouts. Mellon Ventures currently has over $1.3 billion under management. Additional information is available at http://www.mellonventures.com.

About THINQ

THINQ helps corporations attain key business objectives with an enterprise-wide learning solution designed to improve employee and organizational achievement. THINQ combines strategic guidance, a scalable Web-based learning management infrastructure, the world's largest aggregation of professional learning content, proven professional services and ongoing onsite success services that help drive learners to improved performance. THINQ combines technology and content by integrating its proven learning management system (LMS), the THINQ TrainingServer(R) LMS, with hundreds of thousands of learning events from the THINQ Learning Center, to offer customers a one stop source for corporate learning requirements. THINQ is a private company headquartered in Billerica, Mass., with operations in the US, Canada and the U.K. For more information, contact THINQ at (888) 931-3311, or visit www.THINQ.com.