US private equity firm Serent Capital is purchasing a minority stake in a business formed by Modern Campus’s takeover of its portfolio company DIGARC, a higher education software provider.
Modern Campus, a learner-engagement platform majority-owned by The Riverside Company, has acquired DIGARC.
Under the deal, Serent Capital is to take a minority stake in the joined-up entity, which will trade as Modern Campus, alongside majority shareholder The Riverside Company.
DIGARC’s Connected Curriculum platform establishes a “single source of truth” for curriculum data across the campus, with solutions covering catalogue management, curriculum design, student registration, section scheduling, and student pathways.
Since Serent’s investment in DIGARC in 2016, the company has added more than 250 new school partnerships and expanded its product portfolio from two to five offerings, it said.
The acquisition will integrate Modern Campus’ award-winning web experience platform and personalisation engine with DIGARC’s course curriculum-management software. Together, they will empower higher education institutions to solve two of the biggest challenges they face today: attracting and converting prospective students and creating a highly personalised and engaging pathway to on-time graduation, the firms said.
The combined company will serve more than 1,200 higher education institutions – nearly one-in-three higher education institutions in the US.
Modern Campus represents Serent’s ninth platform investment in the education market, seven of which are active while two have been exited, according to its website.
Macquarie Capital advised Serent Capital on the transaction.
Date published: 23 June 2021