Press Room
Barnes &
Noble.com ACQUIRES MINORITY STAKE IN
NOTHARVARD.COM
Companies to Offer Online Learning Courses
Barnes & Noble University to Open This Summer
NEW YORK, N.Y. May 30, 2000 � Barnes &
Noble.com (Nasdaq: BNBN)
(
www.bn.com) announced today that it has acquired a minority stake in
notHarvard.com, the pioneer in developing online branded universities and
the concept of eduCommerce. The companies plan to create a Barnes & Noble
University, a free online education resource offering thousands of online
learning courses to Barnes &
Noble.com's millions of customers through the
bookseller's Web site,
www.bn.com, beginning this summer.
The financial terms of the deal, including the price, were not disclosed.
Barnes &
Noble.com is one of several new investors announced today by
notHarvard.com, which raised $26 million in its second round of venture
funding. Other investors include Adam Dell's Impact Ventures, Merrill
Lynch KECALP, CenterPoint Ventures and Sanchez Capital Partners. The round
was led by Austin Ventures and included previous investor TL Ventures.
Customers will be able to register for courses at Barnes & Noble
University online, through
www.bn.com, beginning this summer. The courses,
which will be offered free of charge, are scheduled to begin in mid-July.
Under the agreement, Barnes &
Noble.com also becomes the primary
distributor of
notHarvard.com's eduCommerce course materials across its
network of branded online universities.
"We consider distance learning as a natural extension of Barnes &
Noble.com's core business," said Steve Riggio, vice chairman of Barnes &
Noble.com. "The Internet is clearly a very large commercial medium but its
great promise is to become a portal for the sharing of knowledge and
content. Our plan is to create an exciting learning environment where many
courses will be based upon the best books in the field. We additionally
intend to invite the authors of those books to become instructors,
offering them the ability to publish additional content in both electronic
form as well as through print on demand technology. By partnering with
notHarvard.com to create Barnes & Noble University, we bring together the
recognized expert in eduCommerce and the best online bookseller to provide
a completely new and unique learning opportunity to Barnes &
Noble.com's
millions of customers."
"Barnes &
Noble.com is not only a key strategic corporate investor but
also shares
notHarvard.com's vision for the expansion and enhancement of
eduCommerce," said Judith Bitterli, chief executive officer of
notHarvard.com. "We believe the focus, reach and the power of the Barnes &
Noble network combined with
notHarvard.com's leadership in the creation of
online universities will provide a powerful catalyst for exciting
developments in online education."
About
notHarvard.com
notHarvard.com is the pioneer in developing online branded universities
and the concept of eduCommerce - the use of free, online education as a
sales and marketing weapon. Based in Austin, Texas,
notHarvard.com's
client list includes Barnes &
Noble.com (NASDAQ: BNBN),
jobs.com,
Pervasive Software (NASDAQ: PVSW), Motorola/Metrowerks, and TalkCity
(NASDAQ: TALK), among others. Through its private-labeled network of
universities,
notHarvard.com has access to millions of prospective
students. The company, founded in July 1999, has attracted more than $34
million in financing from a number of marquee venture capitalist firms
(Austin Ventures, TL Ventures, Adam Dell's Impact Venture Partners,
CenterPoint Ventures and Sanchez Capital Partners), investment banks
(Merrill Lynch KECALP), and Internet angels. For more information, visit
www.notHarvard.com.
About Barnes &
Noble.com
Since launching its online business in May 1997, Barnes &
Noble.com
(Nasdaq: BNBN) has become one of the world's largest Web sites and the
sixth largest e-commerce site, according to Media Metrix. Focused largely
on the sale of books, music, software, magazines, prints, posters and
related products, the company has become one of the fastest growing online
distributors of books.
Customers can choose from millions of new and out-of-print titles and
enjoy a variety of related content such as author chats, book synopses and
reader reviews. The site also offers thousands of bargain books discounted
up to 91 percent, the most popular software and magazine titles, as well
as gift items for every occasion. The company recently launched its Prints
& Posters Gallery, a unique collection of images that can be produced on
demand on museum-quality canvas or high-quality paper, and its eCards
service, an exclusive selection of greeting card images that can be
personalized and enhanced with animation and music. With access to more
than 800,000 in-stock titles, Barnes &
Noble.com has the largest standing
inventory of any online bookseller ready for immediate delivery. The URL
http://www.bn.com makes the site easy to find.
The Barnes &
Noble.com affiliate network has more than 360,000 members and
the company maintains strategic alliances with major Web portals and
content sites, such as AOL, Lycos and MSN. The company is also a leader in
business-to-business e-commerce with its unique Business Solutions
program.