US: Tax software group acquires seminar company

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 statelevel 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.

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 e d u c a t i o n p r o g r a m m e s , 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.

Ed tech and educational services

North America: ProctorU and Yardstick to merge

ProctorU, the online exam security and identity management company, and Yardstick Assessment Strategies, which provides psychometrics and computer-based exam administration for professional testing organisations, are merging to form a new parent brand, Meazure Learning.

Scott McFarland has been appointed chief executive of Meazure Learning and will continue to serve as chief executive of ProctorU. He said: “ProctorU and Yardstick have already proven themselves as leaders in their respective markets, and now, by integrating both companies’ unique offerings and strengths together, we’re poised to truly transform those markets.”

In conjunction with the merger, Meazure Learning raised more than $30 million in growth capital led by Eastside Partners, which will allow both ProctorU and Yardstick to make additional investments in technology and services.

Yardstick and ProctorU will each continue to operate under their respective brands. Yardstick will serve as Meazure’s market-leading professional testing business unit, while ProctorU will continue its leadership and focus in higher education.

Yardstick’s management team and headquarters will continue to be based in Canada, with planned expansions for its locations in Ottawa, Toronto and Edmonton.

ProctorU will maintain its headquarters in Birmingham, Alabama, and offices throughout the US.

US: Educational executive search group recruits new business

Philadelphia-based education executive search firm Diversified Search Group has acquired fellow educational search firm Storbeck Search & Associates, headquartered in Media, Pennsylvania.

Storbeck will join Diversified Search and its previously combined firms of BioQuest, Koya Leadership Partners, and Grant Cooper as a member of The Diversified Search Group.

Founded by Shelly Storbeck in 2007, Storbeck has 50 employees across seven states and the District of Columbia. It has conducted searches for some of the US’s top colleges and universities, private schools, and non-profit institutions. Its roster of university clients includes Brown, Columbia, Haverford, Johns Hopkins, Lawrenceville, Michigan State, Northwestern, Pomona, Princeton, Swarthmore, and the University of Wisconsin.

Judith M von Seldeneck, founder and chair of Diversified Search, said: “We are happy to welcome Storbeck into The Diversified Search Group, where along with Diversified’s strong higher education practice and the team from Koya, we now bring a combined deep and proven track record of success in the higher

education search sector in the industry today.”

Founded by von Seldeneck in 1974, Diversified Search has 11 US offices and has representation in 53 offices in 31 countries worldwide through its partnership with AltoPartners, the international alliance of independent executive search firms that spans the Americas, Europe, the Middle East, Africa, and Asia-Pacific.