Private equity giants Blackstone and Vista Equity Partners have agreed a deal to acquire higher education technology platform Ellucian from TPG Capital and Leonard Green & Partners.
The terms of the transaction were not disclosed.
Ellucian delivers enterprise-resource planning (ERP) software to higher education institutions. The firm has more than 2,700 customers in over 50 countries, improving operations and enhancing the user experience for their faculties, staff and over 26 million students.
The joint takeover will expand the presences of Blackstone and Vista in the global education sector. Blackstone also owns UK student accommodation provider IQ and backs Indian ed tech behemoth Byju’s. Vista, meanwhile, owns stakes in US-based ed tech firm PowerSchool, which has filed for an IPO, as well as IT education platform Pluralsight, which it bought in December.
TPG Capital, one of Ellucian’s private equity parents, is the former owner of TES Global and Times Higher Education.
Eli Nagler, a senior managing director at Blackstone, said: “Digital transformation is one of Blackstone’s highest-conviction investment themes and Ellucian has proven itself a clear leader in the fast-growing higher-education technology sector.
“The long-term nature of our partnership with Ellucian will allow us to invest substantially in innovation for its customers.” Jim Hickey, co-head of Vista’s Perennial Fund and senior managing director said: “Technology has become even more mission critical to increase agility, efficiency and impact for higher education administration.”
Burke Norton, co-head of Vista’s Perennial Fund and senior managing director, added: “As a market leader and innovator, Ellucian has a tremendous opportunity to further modernise diverse higher education institutions globally.”
Date published: 21 June 2021