Long-term investment can accelerate student and
institution success through market-leading technology solutions
Blackstone (NYSE: BX) (“Blackstone”) and Vista Equity Partners
(“Vista”) today announced that private equity funds managed by
those firms have agreed to acquire Ellucian (the “Company”), a
leading higher education technology solutions provider, from TPG
Capital, the private equity platform of global alternative asset
firm TPG, and Leonard Green & Partners, L.P. (“LGP”).
Blackstone and Vista will invest in Ellucian through their
respective long-term private equity strategies, which hold
investments for longer periods than traditional private equity.
Ellucian delivers mission-critical, enterprise resource planning
(ERP) software to higher-education institutions. The Company’s
solutions and services are created with a single goal: to set its
customers up for long-term success with secure, flexible technology
designed for the complexities of higher education. Ellucian 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.
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.” Martin Brand, Head
of North American Private Equity at Blackstone and Global Co-Head
of Technology Investing, added: “We are excited to be partnered
with Vista, and look forward to working with Laura and Ellucian’s
first-class management team to accelerate growth and drive the
company's global expansion.”
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 modernize diverse higher education institutions globally.
We look forward to partnering with Ellucian to elevate the higher
education experience, while improving outcomes for institutions,
instructors and students alike.”
“We are excited to welcome Blackstone and Vista Equity Partners
to the Ellucian team at such a pivotal time in higher education,”
said Laura Ipsen, President & Chief Executive Officer of
Ellucian. “Their investment strategy represents a long-horizon
commitment to our company with significant new capital to
accelerate digital transformation, our open SaaS platform and
international growth. On behalf of the team, I’d also like to thank
TPG and Leonard Green for their valuable contributions and
strategic partnership over the years.”
“Under Laura’s transformational leadership, we assembled a
highly experienced team and expanded the Company’s suite of
cloud-ready solutions to create a platform purpose-built for the
modern, higher education institution,” said Tim Millikin, Partner
at TPG Capital. “We want to thank the entire Ellucian team for
their partnership over the past six years and wish them continued
success as they enter their next chapter,” continued Usama Cortas,
Partner at LGP.
RBC Capital Markets, LLC served as financial advisor and Simpson
Thacher & Bartlett LLP served as legal counsel to Blackstone.
Morgan Stanley & Co. LLC served as financial advisor and
Kirkland & Ellis LLP served as legal counsel to Vista. UBS
Investment Bank served as financial advisor to TPG Capital, LGP,
and Ellucian. Ropes & Gray served as legal counsel to Ellucian
and Morgan Lewis & Bockius served as legal counsel to the
management team. Financial terms of the transaction were not
disclosed.
About Ellucian
Ellucian is the market leader charting the digital future of
higher education with a portfolio of cloud-ready technology
solutions and services. From student recruitment to workforce
analytics; from fundraising opportunities to alumni engagement;
Ellucian’s comprehensive suite of data-rich tools gives colleges
and universities the information they need to lead with
confidence.
Working with a community of more than 2,700 customers in over 50
countries, Ellucian keeps innovating as higher education keeps
evolving. Drawing on its comprehensive higher education business
acumen and suite of services, Ellucian guides its customers through
manageable, sustainable digital transformation—so that every type
of institution and student can thrive in today’s fast-changing
landscape. To find out what’s next in higher education solutions
and services, visit Ellucian at www.ellucian.com.
About Blackstone
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our $649 billion in
assets under management include investment vehicles focused on
private equity, real estate, public debt and equity, life sciences,
growth equity, opportunistic, non-investment grade credit, real
assets and secondary funds, all on a global basis. Further
information is available at www.blackstone.com. Follow Blackstone
on Twitter @Blackstone.
About Vista Equity
Partners
Vista is a leading global investment firm with more than $75
billion in assets under management as of December 31, 2020. The
firm exclusively invests in enterprise software, data and
technology-enabled organizations across private equity, permanent
capital, credit and public equity strategies, bringing an approach
that prioritizes creating enduring market value for the benefit of
its global ecosystem of investors, companies, customers and
employees. Vista’s investments are anchored by a sizable long-term
capital base, experience in structuring technology-oriented
transactions and proven, flexible management techniques that drive
sustainable growth. Vista believes the transformative power of
technology is the key to an even better future – a healthier
planet, a smarter economy, a diverse and inclusive community and a
broader path to prosperity. Further information is available at
vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity
Partners, and on Twitter, @Vista_Equity.
About TPG
TPG is a leading global alternative asset firm founded in 1992
with more than $91 billion of assets under management and offices
in Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne,
Mumbai, New York, San Francisco, Seoul, Singapore, and Washington
D.C. TPG's investment platforms are across a wide range of asset
classes, including private equity, growth equity, impact investing,
real estate, secondaries, and public equity. TPG aims to build
dynamic products and options for its investors while also
instituting discipline and operational excellence across the
investment strategy and performance of its portfolio. For more
information, visit www.tpg.com or @TPG on Twitter.
About LGP
LGP is a leading private equity investment firm founded in 1989
and based in Los Angeles with more than $50 billion of assets under
management. The firm partners with experienced management teams and
often with founders to invest in market-leading companies. Since
inception, LGP has invested in over 100 companies in the form of
traditional buyouts, going-private transactions, recapitalizations,
growth equity, and selective public equity and debt positions. The
firm primarily focuses on companies providing services, including
consumer, business and healthcare services, as well as retail,
distribution and industrials.
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Media Contact For Blackstone
Matt Anderson Matthew.Anderson@Blackstone.com 1-518-248-7310
For Vista Dafna Tapiero vista@laurelstrategies.com
202-776-7776
For Ellucian Lindsay Stanley, Director of Public Relations
Lindsay.Stanley@ellucian.com 1-703-915-7966
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