Anthology, a provider of proven higher education solutions that support the entire learner lifecycle, and Blackboard, a global EdTech software and solutions company, have announced a definitive agreement to combine the two companies.
Blackboard is a provider of learning management software, communication tools and student success solutions to 150 million users in more than 80 countries. Its clients include higher education institutions, K-12 schools, governments, and businesses.
Jim Milton, Chairman and Chief Executive Officer of Anthology, will serve as Chairman and CEO of the combined company. “Upon the completion of this merger, we will have a data-driven product portfolio that seeks to touch every constituent at the institution and will aim to transform the way education uses technology to engage, connect, teach, learn and drive efficiencies across the institution,” Milton said. “We believe this combination will enhance the solutions and services available to faculty and students, and we are deeply committed to delivering greater value and innovation to our customers and partners. Anthology and Blackboard are fully aligned around a deep focus on learner success, and I am excited to lead the combined company as we embark on this next phase of growth together.”
“Together, Blackboard and Anthology will lead the next wave of EdTech innovation,” said Bill Ballhaus, Chairman, Chief Executive Officer and President of Blackboard. “We believe that combining our companies will enable us to break down data silos across the institution and surface deeper insights about the learner so that we can deliver unmatched personalized experiences across the full learner lifecycle.”
The combined entity will be majority owned by Veritas Capital, a private equity firm that focuses on investments in technology or technology-enabled companies. Leeds Equity Partners, a private equity firm focused exclusively on partnering with companies in the Knowledge Industries, will hold a minority stake in the company. Veritas and Leeds are currently the majority owners of Anthology. Providence Equity Partners LLC, Blackboard’s existing majority owner, will hold a minority stake in the combined company.
The transaction is expected to close by the end of 2021, subject to customary closing conditions and regulatory approvals.
Milbank LLP acted as legal advisor to Anthology and Veritas, and J.P. Morgan and UBS are providing committed financing to Anthology for the proposed transaction.
Deutsche Bank served as financial advisor to Blackboard, and Weil, Gotshal & Manges LLP acted as legal advisor to Blackboard. Debevoise & Plimpton LLP acted as legal advisor to Providence.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.