Key Appointments to Follow Close of Business
Combination with Arrowroot Acquisition Corp.
iLearningEngines Inc. (“iLearningEngines” or “the Company”), a
leader in AI-powered learning automation and information
intelligence for corporate and educational use, today announced
that Michael Moe and Ian Davis will join the board of directors
following the close of its business combination (the “Business
Combination”) with Arrowroot Acquisition Corp. (NASDAQ: ARRW).
Michael Moe and Ian Davis, who have more than 60 years of
business, investment and technology experience, will join Harish
Chidambaran, Balakrishnan Arackal, Tom Olivier, Matthew Barger and
Bruce Mehlman on the board of New iLearningEngines following the
Business Combination. Mr. Moe is the Founder and CEO of GSV, a
growth-focused investment platform. GSV has invested in several
household name businesses such as Meta (formerly Facebook), X
(formerly Twitter) and Spotify and also has several funds focused
on the digital learning sector – with investments in several
noteworthy business in the space including Coursera, Chegg, Course
Hero, Masterclass, and Guild Education. He is also the co-founder
of the ASU+GSV Summit, which Forbes called “the Davos of
Education.” Before GSV, Mr. Moe was the Founder and CEO of
ThinkEquity Partners, Head of Global Growth Research at Merrill
Lynch, and was voted to be on the Institutional All American
Research Team and named "Best on the Street" by the Wall Street
Journal. He is also the author of three books, “Finding the Next
Starbucks”, “The Global Silicon Valley Handbook” and his most
recent, “The Mission Corporation”.
Ian Davis is currently the Chairman of Thoughtworks Holding,
Inc., the Senior Independent Director of Majid Al Futtaim Holdings,
and is also an advisor to several private firms and non-profit
organizations. Previously, he was a Non-Executive Director of the
UK Cabinet Office of Teach for All, an educational nonprofit, as
well as Big Society Capital. He was previously Chairman of
Rolls-Royce Plc, and non-Executive director and lead director of BP
Plc and non-executive director of, Johnson & Johnson Inc. Ian
is also Senior Partner Emeritus of McKinsey & Company, where he
was a consultant and partner for more than 30 years and for the
last six years was the Worldwide Managing Partner.
“We are honored to welcome Michael and Ian to the New
iLearningEngines Board,” said Harish Chidambaran, CEO of
iLearningEngines. “Their experience investing in and scaling global
businesses will be invaluable as we continue to execute our
long-term strategy.”
Michael Moe said, “I have been deeply immersed in the digital
learning sector for more than three decades and I can definitively
say that I believe that iLearningEngines’ solutions, which enables
enterprises to productize their institutional knowledge, are
revolutionary. I am excited to join the board of directors and look
forward to helping Harish and team achieve their growth
objectives.”
Sir Ian Davis said, “AI is changing the game for enterprises the
world over and iLearningEngines is leading the way. I am impressed
by Harish’s strategic vision and how the team maintains an
unwavering commitment to product development and innovation. I look
forward to contributing to their continued success as a publicly
traded company.”
For more information about iLearningEngines, please visit:
www.ilearningengines.com.
About iLearningEngines
iLearningEngines is a leading cloud-based, AI driven mission
critical training for enterprises. iLearningEngines has
consistently ranked as one of the fastest growing companies in
North America on the Deloitte Technology Fast 500.
iLearningEngines’ AI and Learning Automation platform is used by
enterprises to productize their enterprise knowledge for
consumption throughout the enterprise. The intense demand for
scalable outcome-based training has led to deployments in some of
the most regulated and detail-oriented vertical markets, including
Healthcare, Education, Insurance, Retail, Oil & Gas / Energy,
Manufacturing and Government. iLearningEngines was founded by
Harish Chidambaran in 2010, with headquarters in Bethesda, MD and
offices in Dubai, UAE and Trivandrum, Pune and Kochi, India.
About Arrowroot
Arrowroot is a special purpose acquisition company formed for
the purpose to effect a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. Arrowroot is sponsored by
affiliates of Arrowroot Capital Management, a leading investor in
enterprise software. Arrowroot was founded on November 5, 2020 and
is headquartered in Marina Del Rey, CA.
Additional Information and Where to Find It
A full description of the terms of the Business Combination is
provided in a registration statement on Form S-4 (File No.
333-274333) filed with the SEC by Arrowroot that includes a
prospectus with respect to the securities to be issued in
connection with the Business Combination and a proxy statement with
respect to the Special Meeting of Arrowroot to vote on the Business
Combination. Arrowroot urges its investors, stockholders and other
interested persons to read the definitive proxy statement/
prospectus as well as other documents filed with the SEC because
these documents will contain important information about Arrowroot,
iLearningEngines and the Business Combination. The definitive proxy
statement/prospectus to be included in the registration statement
can also be obtained, without charge, at the SEC’s website
(www.sec.gov).
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE BUSINESS COMBINATION OR THE ACCURACY OR ADEQUACY OF THE
INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
Forward-Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995 with respect to the Business
Combination. Forward looking statements generally are accompanied
by words such as “believe,” “may,” “will, “estimate,” “continue,”
“anticipate,” “intend,” expect,” “should,” “would,” “plan,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook,” the
negative forms of these words and similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but
are not limited to, statements regarding the proposed Business
Combination; Arrowroot’s ability to consummate the Business
Combination; the benefits of the Business Combination and the
combined company’s future financial performance; the combined
company’s strategy, future operations, estimated financial
position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management; and the combined
company’s ability to complete and maintain its listing on NASDAQ.
These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of the respective management of iLearningEngines and Arrowroot and
are not predictions of actual performance. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by an investor as,
a guarantee, an assurance, a prediction, or a definitive statement
of fact or probability. Actual events and circumstances are
difficult or impossible to predict and will differ from assumptions
this press release relies on. Many actual events and circumstances
are beyond the control of iLearningEngines and Arrowroot. These
forward-looking statements are subject to a number of risks and
uncertainties, including (i) changes in domestic and foreign
business, market, financial, political, and legal conditions; (ii)
the inability of the parties to successfully or timely consummate
the Business Combination, including the risk that any regulatory
approvals are not obtained, are delayed or are subject to
unanticipated conditions that could adversely affect the combined
company or the expected benefits of the Business Combination or
that the approval of the stockholders of Arrowroot or
iLearningEngines is not obtained; (iii) failure to realize the
anticipated benefits of the Business Combination; (iv) risks
relating to the uncertainty of the projected financial information
with respect to iLearningEngines; (v) risks related to the rollout
of iLearningEngines’ business and the timing of expected business
milestones; (vi) the amount of redemption requests made by
Arrowroot’s stockholders; (vii) the ability of Arrowroot or
iLearningEngines to issue equity or equity-linked securities or
obtain debt financing in connection with the Business Combination
or in the future; (viii) risks related to LearningEngines's need
for substantial additional financing to implement its operating
plans, which financing it may be unable to obtain, or unable to
obtain on acceptable terms; (ix) the ability to maintain the
listing of the combined company’s securities on Nasdaq or another
national securities exchange; (x) the risk that the Business
Combination disrupts current plans and operations of
iLearningEngines or Arrowroot as a result of the announcement and
consummation of the Business Combination; (xi) the risk that any of
the conditions to closing are not satisfied in the anticipated
manner or on the anticipated timeline; (xii) the effects of
competition on iLearningEngines future business and the ability of
the combined company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (xiii) risks related to political and
macroeconomic uncertainty; (xiv) the outcome of any legal
proceedings that may be instituted against iLearningEngines,
Arrowroot or any of their respective directors or officers,
following the announcement of the Business Combination; (xv) the
impact of the global COVID-19 pandemic on any of the foregoing
risks; (xvi) any changes to the accounting matters of Arrowroot as
a result of guidance from the SEC; and (xvii) those factors
discussed in the registration statement under the heading “Risk
Factors,” and other documents Arrowroot has filed, or will file,
with the SEC. If any of these risks materialize or our assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. There may be
additional risks that neither Arrowroot nor iLearningEngines
presently know, or that Arrowroot nor iLearningEngines currently
believe are immaterial, that could also cause actual results to
differ from those contained in the forward-looking statements. In
addition, forward-looking statements reflect Arrowroot’s and
iLearningEngines’ expectations, plans, or forecasts of future
events and views as of the date of this communication. Arrowroot
and iLearningEngines anticipate that subsequent events and
developments will cause Arrowroot’s and iLearningEngines’
assessments to change. However, while Arrowroot and
iLearningEngines may elect to update these forward-looking
statements at some point in the future, Arrowroot and
iLearningEngines specifically disclaim any obligation to do so.
These forward-looking statements should not be relied upon as
representing Arrowroot’s and iLearningEngines’ assessments as of
any date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
No Officer or Solicitation
This communication relates to a proposed transaction between
iLearningEngines and Arrowroot. This communication does not
constitute an offer to sell or exchange, or the solicitation of an
offer to buy or exchange, any securities, nor shall there be any
sale of securities in any jurisdiction in which such offer, sale or
exchange would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the U.S. Securities Act of 1933,
as amended.
Participants in Solicitation
Arrowroot and iLearningEngines, and their respective directors
and executive officers, may be deemed participants in the
solicitation of proxies of Arrowroot’s stockholders in respect of
the Business Combination. Information about the directors and
executive officers of Arrowroot is set forth in Arrowroot’s filings
with the SEC. Information about the directors and executive
officers of iLearningEngines and more detailed information
regarding the identity of all potential participants, and their
direct and indirect interests by security holdings or otherwise,
have been set forth in the definitive proxy statement/prospectus
for the Business Combination. Additional information regarding the
identity of all potential participants in the solicitation of
proxies to Arrowroot’s stockholders in connection with the Business
Combination and other matters to be voted upon at the Special
Meeting, and their direct and indirect interests, by security
holdings or otherwise, were included in the definitive proxy
statement/prospectus.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240328059568/en/
For iLearningEngines: Investor Contacts: iLearningEngines
investors@ilearningengines.com Kevin Hunt
iLearningEnginesIR@icrinc.com Media Contact: For Arrowroot
Acquisition Corp.: Jessica Schmitt jschmitt@arrowrootcapital.com
For iLearningEngines: Dan Brennan ICR Inc.
iLearningPR@icrinc.com
Arrowroot Acquisition (NASDAQ:ARRW)
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