New York-based private equity firm Veritas Capital has agreed to acquire Campus Management Corp and Edcentric from Leeds Equity Partners, LLC for an undisclosed amount.
Campus Management is a provider of cloud-based student information systems, customer relationship management and enterprise resource planning solutions to colleges and universities.
Today, more than 1,100 institutions in over 30 countries partner with Campus Management to transform academic delivery, student success, and operational efficiency. The startup is a finalist for the 2019 Microsoft Power BI Partner of the Year.
Edcentric also is a provider of data-driven solutions around student and alumni engagement, retention and compliance.
Leeds Equity, a New York-based private equity firm dedicated exclusively to partnering with management teams in the education, training and information services industries, will continue as an investor in both companies in partnership with Veritas.
Veritas, which invests primarily technology or technology-enabled solution, currently has $19 billion in assets under management, including committed capital of $6.5 billion from The Veritas Capital Fund VII, L.P which closed in October 2019.
“With differentiated platforms providing mission-critical software solutions, Campus Management and Edcentric are uniquely positioned to help higher education institutions increase operational efficiency, promote student success, and improve overall institutional effectiveness,” said Ramzi Musallam, CEO and Managing Partner of Veritas Capital.
On the other hand, Leeds Equity partner Jacques Galante said his firm is committed to supporting Edcentric and Campus Management as they continue to invest in solutions that help to transform institutions across academic delivery, constituent engagement and overall operations.
Leeds Equity was founded in 1993 and currently manages $1.7 billion of capital across a broad spectrum of companies within the Knowledge Industries.
The transaction is expected to close in the first quarter of 2020, subject to customary conditions and regulatory approvals.
Education technology (edtech), a term used to describe the industry that combines education and technology, has been expanding, in terms of market size, at rates ranging from 8.3 per cent to 9.28 percent, according to latest reports.
Some projections place the market at nearly $43 billion by the end of 2019, from $39.33 billion a year earlier.