Basically they need a white-labeled, web-based video conference solution. They'd like centralized recording with the recordings accessible via an API and support 1-to-1 and 1-to-N broadcasts. They've played around with TokBox and UStream but they're not the greatest fit.
If anyone knows of a company or is working on a startup in this space I'll gladly point them that direction. They're a global e-learning company with huge government/education contracts.