Press Release

December 22, 2015

Kaplan Completes SmartPros Acquisition Expanding Its Continuing Education Offering in Accountancy and Financial Services

Stephen White

FORT LAUDERDALE, Fla. –- (December 22, 2015) — Kaplan, Inc., the global education services company and largest subsidiary of Graham Holdings (NYSE:GHC), completed its previously announced acquisition of SmartPros, Ltd. (NASDAQ-CM: SPRO), a leading provider of accredited professional education and training, primarily in accountancy.

“We are extremely pleased to complete the acquisition and bring the SmartPros team into the fold. This provides a domestic complement to our existing global accountancy training programs, enabling Kaplan Professional Education to deliver enhanced value to current and future customers while better meeting the evolving needs in the professional development marketplace,” said Dr. Andrew Temte, CFA and President of Kaplan Professional Education.

SmartPros offers a broad suite of services and content in accountancy continuing education. These include its well-known Financial Management Network (FMN), CPA Report (CPAR) and SmartPros Advantage (SPA) accounting subscription products. Its Financial Campus product and Banking library delivers continuing education to the financial services industry. SmartPros also offers accountancy training to accounting professionals and corporations through its Loscalzo Associates unit that qualifies practitioners for CPE credits in accounting, auditing and assurance topics. Its library of over 2,800 hours of primarily online education programming is delivered via a modern, proprietary learning management system (LMS) that enables clients to tailor their training requirements.

The planned transaction was announced on October 21, 2015 and subsequently approved by SmartPros’ shareholders.

About Kaplan

Kaplan, Inc. serves over 1.2 million students globally each year through its array of higher education, test preparation, professional education, English-language training, and university preparation, and offerings to individuals, institutions, and businesses. Across its 75-plus year history, first as small test-prep pioneer and then an early online education leader and now a global education provider, Kaplan has been recognized for expanding educational access and using technology and learning science innovations to continually improve outcomes for its students and partners. Kaplan has operations in over 30 countries, employs more than 19,000 full and part-time professionals, and maintains relationships and partnerships with more than 1,000 school districts, colleges, and universities, and over 2,600 corporations and businesses.

Kaplan Professional Education helps professionals obtain in-demand certifications, licensing and designations that enable them to advance and succeed in their careers. Through live and online instruction, Kaplan Professional Education provides test preparation, licensing, continuing education, and professional development programs to businesses and individuals in the accounting, insurance, securities, real estate, financial planning, and information technology, industries.

Kaplan is a subsidiary of Graham Holdings Company (NYSE: GHC) and its largest division. For more information, please visit www.kaplan.com.

Press contacts:
Kaplan, Inc.
Stephen White, 954-515-4124
stwhite@kaplan.edu

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