iStudy Agrees to Pay Qumu $1 Mn in Qumu Cloud License Fees
iStudy Co. Ltd, an IT skills training firm that also provides enterprise learning management systems, has agreed to pay $1 million to Qumu in non-refundable Qumu Cloud license fees. The Japan-based company will pay the amount in two installments – $500,000 will be paid on 30 May 2018, and the rest $500,000 will be given on 1 September 2018.
Qumu offers tools to make, manage, secure, distribute and measure video technology for the enterprise. With this new agreement, the two firms get the opportunity to expand the strategic relationship between them. The contract also assures iStudy the services required to support its rapidly growing base of Qumu Cloud customers.
Talking about the agreement, Vern Hanzlik, President and CEO of Qumu, said, “With their deep reach into the Asian market and strong roots in learning management and content delivery, iStudy is the perfect partner to help Qumu penetrate the rapidly growing corporate education vertical.”
iStudy is the sales partner of Qumu in Japan, and the two have been working together for the last 18 months to expand the Qumu Cloud footprint across the region. Earlier in January 2018, both the firms have jointly announced a new iStudy learning management system, which was powered by Qumu Cloud. In such a short span of time, the launch has already garnered positive response among iStudy’s existing enterprise learning customer base.
“iStudy and Qumu are extending our exclusive partnership to the next level to take advantage of the growing demand for video in our market. This agreement will ensure that we maintain our competitive edge, delivering the outstanding, reliable support that our collaborative teamwork provides, and Japanese customers have come to expect,” stated Yoshi Oyamada, President and CEO of iStudy.