SmartForce to acquire Centra Software.

SmartForce has announced that it has entered into a definitive agreement to acquire Centra Software in a stock for stock transaction, the largest to date in the e-learning industry.

Centra Software is a provider of live e-learning and business e-collaboration software. Its solutions enable real-time, group-oriented human interaction over corporate networks and the internet. Centra's shareholders will gain 0.415 shares of SmartForce for each Centra share.

Based on yesterday's closing price of SmartForce's shares, the value of the deal is $284m, including the assumption of Centra's stock options. Through the acquisition, SmartForce will add to its own list of customers Centra's base of over 775 customers, the substantial majority of which are new to SmartForce.

Financial results Q4, 2001

SmartForce's revenues for the fourth quarter were $65.3m , up 13% from the $57.7m net income for the quarter reported a year ago.

Net income for the quarter excluding amortisation of intangible assets was $ 2.6m, or $ 0.04 per share. This compares with net income of $ 648,000 or $ 0.01 per share, for the fourth quarter of 2000.

For 2001 as a whole, revenues were $261m. Net income for the year, before amortisation of acquired intangibles was $ 13.2m, or $ 0.22 per share. SmartForce reported that its average contract size increased to $ 180,000.