GlobalEnglish Corporation Receives Investment from Mitsubishi Corporation
The Leading Online English Language Learning Service Receives Capital Investment to Broaden Existing Relationship with Mitsubishi Corporation
South San Francisco, CA, June 6, 2001 — GlobalEnglishTM Corporation, the leading provider of online English language learning services for corporations and consumers, today announced a significant equity investment by Mitsubishi Corporation and its U.S. subsidiary, MIC Capital LLC.
Corporate Training Transitioning to the Web
"We are excited about Mitsubishi Corporation's decision to deepen its relationship with GlobalEnglish through this investment," said Fred Grainger, president and CEO of GlobalEnglish. "And while Mitsubishi has already been a great partner for us, we believe that this expanded relationship will make us a more powerful force in the e-learning sector."
The investment comes after Mitsubishi Corporation observed first-hand the widespread acceptance that the GlobalEnglish service has enjoyed in markets around the world. Human Link Corporation, the wholly owned subsidiary of the personnel department of Mitsubishi Corporation, has been selling the GlobalEnglish Corporate Learning Service throughout Japan with great success. In addition, Mitsubishi Corporation has recently adopted the GlobalEnglish Corporate Learning Service as part of its own employee training program.
"GlobalEnglish is the pioneer in the area of online English language training," said Mr. Yuji Komiya, General Manager of the Merchant Banking Business Unit at Mitsubishi Corporation. "The English language learning market is growing at a significant rate. We have seen many companies throughout the world that have begun to use English skills as criteria for hiring and promotion." According to Forrester Research of Cambridge, Mass., the worldwide online training market will jump to more than $25 billion by 2003—a 95 percent compounded annual growth rate.
Mr. Shunichi Maeda, President of MIC Capital LLC, added, "In this era of globalization, the ability to communicate in English is critical to success in business. The GlobalEnglish service is the most effective and efficient e-learning tool available, providing people around the world with the important opportunity to learn English and improve key language skills."
About GlobalEnglish Corporation
GlobalEnglish is the leading provider of online assessment, learning and support for Business English communication for the world's top companies. The company offers a suite of scalable, on-demand products that help employees improve their ability to communicate effectively in English and enables companies to succeed in the global marketplace.
GlobalEnglish is proudly made up of a team of global consultants who partner with clients to assess their Business English needs, ensure successful implementation and provide ongoing local support to over 30 countries worldwide.
GlobalEnglish is the preferred choice of the world's largest companies, including BNP Paribas, Capgemini, Cisco, Deloitte, Deutsche Telekom, GSK, Hewlett-Packard, Hilton, John Deere, Procter & Gamble, Unisys and Wyeth.
For more information, please visit www.GlobalEnglish.com.