The e-Learning market could possibly be seen as two major blocks of
offerings:

1. Learning Management Systems providers. LMSs are basically a sort
of ERP for training and teaching groups. The market (even in the
west) is constantly evolving with the likes of Saba, Docent etc
going through a rough patch (not assisted by the fact that the
investments here are not seen as mission critical unless you are a
very very big player) and the trend is for these firms to get bought
over by ERP and other IT companies (Sun's acquisition of Isopia for
example), and on the other hand ERP players enlarging the scope of
their web appplications to cover training/learning also (Oracle has
iLearning for example). LMS can come as a box or even in ASP
versions),

2. Web-Enabled Content: This a very crowded space and covers in-
house content developed by companies, universities (MIT has put a
lot of its content on the web as part of its Open Course Ware
initiative check http://ocw.mit.edu) and multimedia companies also
coming into this space. Am not very sure, but guess this is the
place that egc occupied. The main drawback about these firms are
that they don't have the Instructional Design competence (chunking
learning on the web so that it becomes understandable) and where I
can see a firm like NIIT adding its competence.

And to make the scenario even more complicated there is a hybrid
market emerging called the Learning Content Management Systems
(LCMS) !!

Check out my article on e-Learning at this site: