New York (Feb. 13, 2004) -- Educational test-prep concern Kaplan Inc. said it has acquired HoyleCPA Success, a Richmond, Va.-based CPA exam review concern.

Terms were not disclosed.

The company was founded by University of Richmond accounting professor Joe Hoyle, who will act in an advisory and consulting capacity to Kaplan.

Concurrent with the HoyleCPA Success purchase, Kaplan launched a CPA review initiative -- a technology-based program that includes live, online video classes with interactive Q&A, practice simulations and an online bank of more than 3,000 questions. Kaplan believes Hoyle will bring necessary content expertise to this initiative, according to Laura Riley, director of sales, Kaplan CPA Review.

"The world leader in test preparation is going to choose a leader for this effort, and after much due diligence it was evident in our selection," Riley said. "We felt Joe Hoyle and his company were one the best to help us with content for electronic [CPA] exam preparation."

Riley also noted that Kaplan has long been developing computer-based practice tests, and when it was announced that the CPA exam would go electronic, the test preparer "became very interested in getting involved."

Kaplan had previously offered a CPA exam review program that was largely book-based. The updated CPA review will be overseen by Eric Cantor, president of Kaplan Professional. The company's new CPA Review also enables students to simulate on-the-job situations, such as spreadsheet operations and extracting facts, regulations and accounting principles. Kaplan said on-demand lecture and problem-solving videos are delivered in 20-30 minute segments.

-- Bill Carlino & Seth Fineberg

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