Deltak Receives $25 Million Equity Investment

Business Wire, March 15, 2004

Business Editors/Education Writers

CHICAGO--(BUSINESS WIRE)--March 15, 2004

Deltak edu, Inc. announced an investment of $25M to coincide with the separation of the business from the outsourcing business of Collegis, Inc.

Led by Frontenac Company and Salt Creek Ventures, this investment occurred with the sale of the Collegis outsourcing business to SunGard Data Systems. Deltak was formerly known as Collegis University Solutions and constituted the school and consumer business of Collegis, including the ownership of Rasmussen College, Aakers Business College, and tuition sharing partnerships with leading higher education institutions.

"We are tremendously excited about the market opportunity for online education," said Robert E. King, Chairman of Salt Creek Ventures and Chairman of Deltak. "With this capital and our experienced management team, we believe Deltak is positioned well for growth."

Deltak is led by J. Michael Locke, Chief Executive Officer, who most recently served as President of Collegis University Solutions. Prior to joining Collegis Locke directed the investment banking activities of Banc of America Securities in the post-secondary education market. Locke is joined by Kristi Waite, President of Rasmussen College and Aakers Business College and a group of executives who bring deep experience in school operations and creating online and blended solutions for post-secondary institutions.

Serving approximately 2,500 students through its network of 14 schools, Deltak has over 300 employees, generated approximately $20 million in 2003 revenue and is profitable. The company is an active investor and acquirer of career-oriented colleges. In addition to its school investing and acquisition business, Deltak provides online resources to enable its schools to rapidly build, support and go-to-market with online and blended educational programs.

ABOUT DELTAK

Deltak's mission is to offer our students the highest quality online and blended educational programs with 24x7 personalized customer service to prepare them for careers in business, healthcare, IT and education. Headquartered in Chicago, IL, Deltak invests in career-oriented colleges and provides world-class online resources to enable our school investments, as well as our school partners, to rapidly build, support and go-to-market with online and blended educational programs. Visit us at www.deltakedu.com