Press Releases

Spectrum K12 School Solutions, Inc. Secures $5.7M in Expansion Funding

Towson, MD., 09/11/2007 - Spectrum K12 School Solutions Inc, provider of Encore® the leading special education and Individualized Education Program (IEP) management software, today announced it has secured an additional round of venture funding led by Updata Partners and Novak Biddle Venture Partners. The funding will be used to accelerate development and marketing of Spectrum K12’s patented, award-winning solutions for K-12 school districts.

Founded in 1994, Spectrum K12 provides school districts with solutions designed to close the achievement gap for special education and at-risk students by more effectively managing the individualized learning process for all students receiving special services or interventions. Spectrum K12 has received recognition from leading organizations including EdNet and the Software & Information Industry Association and is endorsed by the Council of Administrators of Special Education.

"The market for K-12 education technology solutions is rapidly expanding,” said Roger Novak, General Partner with Novak Biddle. “We are excited about Spectrum K12’s product vision and ability to leverage proven technology to extend their market leadership.”

"With their award-winning solution, strong management team and extensive customer list of leading K-12 districts, Spectrum K12 has a formula for great success," said Tim Meyers, General Partner of Updata. “Expanding marketing and selling efforts will further increase Spectrum K12’s rate of growth and bring the benefits of Spectrum K12’s solutions to an even larger set of school districts and students.”

“We are thrilled Updata and Novak Biddle have validated our view of the market opportunity and Spectrum K12’s leadership position,” Jim Marshall, President and CEO of Spectrum K12 added. “Our long history of delivering value to our customers and our continuous innovation are proof points for why we are the leader in our market. With this investment we are able to expand our product development, sales and marketing so we can help K-12 school districts close the achievement gap for special education and at-risk students.”

About Spectrum K12 School Solutions

 Spectrum K12 School Solutions Inc. is the leading provider of special education and Individualized Education Program (IEP) management software serving approximately 10% of the U.S. K-12 student population including 20 of the top 100 school districts in the United States. Spectrum K12 helps school districts close the achievement gap for special education and at-risk students through more effective management of the individualized learning process for all students receiving special services or interventions. Spectrum K12 works collaboratively with districts of all sizes to deliver scalable, easy-to-use software solutions that lift the administrative burden from education professionals so they can focus on the most important part of their work: educating children and improving student achievement. For more information visit http://www.spectrumK12.com.

About Updata Partners 

Based in Reston, Virginia and Edison, New Jersey, Updata Partners is a leading venture capital firm that invests in growth stage information technology companies with innovative intellectual property enabling market-leading products and services. Led by an investment team averaging more than 20 years of operational and private equity experience in the technology industry, we seek investments where the combination of our financial backing and operating expertise will accelerate growth. With over $400 million under management, the firm also selectively provides recapitalization and management buyout financing. For more information, please visit http://www.updatapartners.com.

About Novak Biddle 

Venture Partners Novak Biddle Venture Partners is a leading early stage venture capital firm focused on unique, cutting-edge technology investments in the Eastern United States, as well as targeted opportunities nationwide. With $580 million under management, Novak Biddle operates five venture funds that currently provide equity financing and management assistance to 42 portfolio companies. Novak Biddle continues to seek business situations where the combination of ideas, dollars, experience, and relationships can create long term, sustainable value. A sampling of companies funded by Novak Biddle include: RFID first-mover Matrics, voice over IP trailblazer Telogy, education technology leader Blackboard Inc. and intelligent video surveillance pioneer ObjectVideo. For more information, visit http://www.novakbiddle.com.