Asymetrix

1984-1997: Asymetrix

Asymetrix Learning Systems, based in Bellevue, Washington, was founded in 1984 by Paul Allen and funded through his Vulcan Ventures. Asymetrix then spent around ten years developing software for online education. Among the first products from this development period were ToolBook, Asymetrix Librarian, and the e-Learning Network – an early software as a service product. Additionally, an early three-dimensional rendering system Asymetrix 3D F/X was released in 1994 and later renamed Web3d. Asymetrix also produced a variety of screen savers for a short period and developed Compel (a graphical presentation and prototyping program).

The company was recapitalized in 1995 with more funding from Allen. In October 1996, SoftBank invested about $3.8 million in Asymetrix. In September 1997, Asymetrix acquired Aimtech for about $3.1 million in stock. In October 1996, the company spun off its client/server tools into a newly created wholly owned subsidiary, ASX Corporation, which was renamed ConQuer Data, Inc. It was later renamed Infomodelers, which was then sold to Allen. In September 1997 Asymetrix acquired Oakes Interactive Incorporated, Acorn Associates Incorporated and TopShelf Multimedia for approximately $2.1 million. In the first half of 1998, it acquired New York-based Meliora Systems and Illinois-based Strategic Systems Associates. In 1998 Asymetrix went public. The June initial public offering (IPO) raised approximately $31 million. After the IPO, Allen controlled about 45% of the shares. Asymetrix was listed on the Nasdaq exchange with the ticker symbol ASYM, with a lukewarm market reception. In September 1999 Asymetrix issued $10 million in preferred stock to Vulcan and Marshall Capital.

In October 1999 Asymetrix's name was changed to click2learn.com, when James A. Billmaier was its chief executive. Between 1995 and 1999, like many companies in the dot-com bubble, Click2learn reported growing revenues but continued operational losses. Kevin M. Oakes took over as chief executive in January 2000. In early 2000, the company spun off its graphics and rendering software as InfoModelers, which was acquired by Visio Corporation. Other noteworthy acquisitions included the May 2001 purchase of IntelliPrep Technologies, Incorporated and Meliora who made Ingenium. As products were consolidated into their Aspen Enterprise Productivity Suite, losses continued through 2002, resulting in operational cost control measures including reductions in workforce. In 2003 click2learn (formerly Asymetrix) and Docent Software announced their intention to merge.

1997–2002: Docent Software

Docent Software was founded in 1997 and based in Mountain View, California. David Mandelkern and Pardner Wynn founded the company, with Wynn as chief executive and Mandelkern as chief technology officer The company developed business-oriented training software. Pardner and Cynthia Wynn (then married) had developed Stanford Testing Systems in 1994, doing business as TestPrep, which was incorporated into Docent software holdings. Docent was funded by venture capital in six rounds from investors such as Norwest Venture Partners, Advanced Technology Ventures, and Invesco. It had operating losses for 1997, 1998, and 1999. David R. Ellett replaced Wynn as chief executive in July 1998 on the cusp of the dot-com bubble. In 2000 Docent filed for an initial public offering (IPO) and went public on NASDAQ on September 29, raising approximately $85 million. Docent acquired gForce Systems in October 2001 for $5.3 million, which included about $4.7 million in debts and liabilities. R. Andrew Eckert joined as president in December 2001 and ultimately replaced Ellett as CEO in April 2002. After growing to over 200 employees at the time of the IPO, by 2002 the company had reduced its staff by 20% to cut costs.