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Fundever Acquires Technology4Kids and Schoolpop
to Form "Schoolpop, Inc." America's Number One Year-Round School Support Company
LILBURN, GA, Sept. 16, 2003 – Fundever today announced the completion of its
acquisition of Technology for Kids and Schoolpop, forming the largest year- round school support
company in the United States. The three companies will be known collectively as
"Schoolpop, Inc." San Francisco-based Newforth Partners LLC managed the acquisition.
"These acquisitions represent a change in the school support industry. We are
pleased to be leading this change and thank Newforth and Accel Partners for their
vision and flawless management of the merger process," said Paul Robinson, Fundever
co-founder who will serve as Schoolpop's Chief Executive Officer. "Schoolpop is more
driven than ever to make a difference for America's schools through the innovative
online and offline collaboration between parents, merchants and schools."
Bud Colligan, a partner at Palo Alto, Calif.-based Accel Partners said, "There was a
lot of interest in Schoolpop. Our primary goal was to find a strategic fit with a
company that could expand and grow Schoolpop with complementary offerings."
State budgetary cuts have created a crisis within the nation's schools. The
acquisition brings together three hassle-free programs that schools can implement with
parents and communities to raise year-round recurring revenue.
Learn & Earn TM, the core offering, unites
students and families through educational and family media products like LeapFrog
TM as well as brand-name software, print & audio books,
video games, music, movies and more at discounted prices while profit sharing with schools.
Schoolpop Shopping TM allows schools to earn a
percentage of everyday purchases from hundreds of store, catalog, and online merchants.
Schoolpop Visa TM gives one percent of all
purchases made with a credit card back to the school. Each one of
the three programs supports schools at no additional cost to their supporters.
"Schoolpop is the first 'one-stop-shop' for schools that are in desperate need of
supplemental funding due to budget cuts," said Stephen Avalone, Fundever co-founder who
will serve as Schoolpop's Chief Marketing Officer. "Schools are looking for programs
that complement their mission of promoting learning. Learn & Earn and other Schoolpop
programs do that while helping schools fund important school projects that may be
impacted by budget cuts."
Schoolpop's Learn & EarnTM school-wide program promotes
student achievement while raising funds for schools, offering the broadest selection of
educational and entertainment media products at below retail prices available to schools
and uniquely bridging the gap between traditional fundraising programs and educational product
companies. No other company combines the learning benefit of discounted educational
media with school financial support via profit sharing.
Consider the facts, according to the Association of Fund-Raising Distributors and
Suppliers:
• On average, schools will lose $175,000 due to state budgetary cuts this year.
• The average teacher spends $437 out of pocket outfitting classroom with basic
supplies.
• 90 percent of all households with children participate in school fundraising each
year.
About Schoolpop, Inc.
Schoolpop is America's number one year-round school support company, delivering
recurring revenue to more than 25,000 schools nationwide. Founded in 1999, Schoolpop
delivers a hassle-free school support program that profit shares with schools, delivers
recurring revenue through online and offline purchase programs, and brings brand-name
educational media products to schools and families at a meaningful discount year round.
Schoolpop's vision is to keep teachers in the classrooms and students off the street.
Schoolpop's mission is to help eliminate the negative impact of school budget cuts.
Schoolpop has helped raise millions of dollars for education.
For more information visit www.schoolpop.com or call (866) 386-3383.
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