NEWS
Ed tech and educational services
US: Raine exits Parchment following Credentials merger The Raine Group, a global investment bank focused exclusively on technology, media and telecommunications, has exited its portfolio company Parchment, an education platform for issuing and receiving academic and professional credentials. This move follows the completion of Parchment’s merger with Credentials Solutions which is backed by Brentwood Associates. Jeff Sine, co-founder and partner of Raine, said: “We were
attracted to Parchment because of its mission to help turn credentials into opportunities, its team and its potential to capitalise on shifting education sector dynamics. In the seven years that we have partnered with the company, it has become the most widely adopted digital credential service on the market. The education industry has a strong need for innovative technological solutions and services, and the combined Parchment and Credentials Solutions organisation
is well-positioned to build on its market leading position.” Matthew Pittinsky, chief executive of Parchment, the combined company, said: “Raine has been a valued partner to Parchment for many years, providing not only funding, but strategic counsel and access to their deep network. We thank Jeff, the Raine team and all of our investors for their significant contributions and dedication to our growth over the years.”
Raine, Parchment’s majority investor, first invested in Parchment in 2012, leading subsequent rounds prior to the merger with Credentials Solutions. Parchment became the most widely adopted credential service allowing learners, academic institutions, and employers to request, verify, and share credentials in simple and secure ways. The platform has enabled millions of people to exchange more than 40 million transcripts and other credentials globally.
US: Banyan Software buys student information system Banyan Software, which acquires growing enterprise software businesses, has acquired School Pathway, which provides a web-based student information system for independent study and online schools. Founded in 2001 by two former teachers, Portola, Californiaheadquartered School Pathways provides a school information system to help administrators and teachers with tasks such as state-
level reporting, managing class enrolment and daily lesson plans. Banyan Software’s chief executive David Berkal said: “Over the years School Pathways has earned the reputation of providing best-in-class service for their clients. We’re delighted to partner with such a customerfocused management team in this new chapter for the company and are confident Banyan’s expertise in growing industry-specific
software companies will prove beneficial for clients over the coming years.” School Pathway’s team will remain unchanged through the transaction, including the company’s two executives, chief operating officer Amy Gruber, and chief technology officer Ben Fojas. Fojas said: “Banyan gave us a fresh and disciplined look into our business operations and market strategy during diligence. Our
team is excited to realise a vision of School Pathways’ next big steps with the insight from Banyan’s collective experience to guide us on our way.” Atlanta-based Banyan is backed by a group of chief executives and investors with technology experience. It has a permanent capital base and focuses on a buy and hold for life strategy for growing software companies that serve specialised markets.
US: Tax software group acquires seminar company Global tax software provider Sovos has acquired Booke Seminars, which provides educational seminars to employees of insurance companies and the Internal Revenue Service (IRS) on topics across the property, casualty, life and health insurance sectors. US law requires insurance companies to submit a series of statutory reports and state compliance, municipal tax and premium tax forms to more than 50 state and territory insurance departments, as well as the National Association of Insurance Commissioners. These complex filings are unique to each jurisdiction, and regulations change annually.
EducationInvestor Global • March 2020
Booke’s customers include many of the nation’s largest insurers and the IRS, which rely on Booke’s comprehensive educational seminars and webinars to help them stay up to date. In 2018, for example, Booke held almost 200 seminars and webinars, catering to nearly 4,500 attendees. Andy Hovancik, chief executive of Sovos, said: “Insurers must stay educated on myriad requirements in order to remain compliant, and they stand to gain significant operational efficiency and risk mitigation through technology and process automation. That’s why Booke’s professional
education programmes, combined with Sovos software solutions, promise to be a powerful driver in alleviating the burden of compliance on insurance companies operating in the US.” Paul Banker, vice-president and general manager of the tax and regulatory reporting line of business at Sovos, said: “From seminars to self-study guides to handbooks, Booke has helped individuals and companies increase industry knowledge for more than 50 years.” Booke is headquartered in Winston-Salem, North Carolina. Sovos is based in Wilmington, Massachusetts.
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