SmartPros (SPRO) is a provider of learning and training solutions for accounting/finance, legal, engineering, securities, insurance, and information technology professionals primarily in the United States. The company’s products are provided via videotape, DVD and streamed over the Internet. SmartPros also offers online courses in continuing legal education and business ethics, as well as various courses in banking compliance, general banking, general bank management, insurance, lending, retirement and estate planning, securities, ethics, anti-money laundering, financial planning, and industry-related sales and service.

New York-based SmartPros is in an exceptionally lucrative market niche, as almost every U.S. corporation realizes it must constantly train and reeducate its employees to produce better results. Analysts estimate that U.S. organizations spent as much as $109 billion on learning and development for employees in 2006. SmartPros accounting, legal and financial education services compete in a huge market where many professionals are required to continually receive additional training and education.

Mandatory education requirements have been a boon for SmartPros, as the company has reported a staggering 14 consecutive quarters of profit growth. One of the company’s main competitors is ETS, the administrators of the SAT. Other competitors include CPA2Biz Inc. and the International Institute for Learning Inc. All are privately held. SmartPros recently completed its largest acquisition to date, paying $4.4 million for Loscalzo Associates, a provider of live accounting and auditing-related conferences and seminars.

Of note to potential investors, SmartPros has $9.8 million in cash on its balance sheet and no debt. Chief Executive Officer Allan Greene owns about seven percent of SmartPros shares, which closed today at $4.15 and has traded between $2.90 and $6.60 in the past 52 weeks. The company has a market value of $20.4 million.

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