Five software companies change hands in EdTech deal
Mid-market private equity firm Alpine Investors has sold Perennial EdTech, a group of five education software companies, to Frontline Education, which provides school administration software.
Since Alpine Investors launched Perennial EdTech in 2017, shortly after the acquisition of Escape Technology, which was rolled into Perennial EdTech, it has significantly broadened the product portfolio and claims to have more than quadrupled revenues in two years.
The terms of the transaction have not been disclosed.
The five companies that make up Perennial EdTech, now owned by Frontline Education, include: Escape Technology (ERP), Digital Schools (school business software), eDoctrina (curriculum, assessment and accountability software), Healthmaster (school health management) and Software Answers (classroom and student management software).
Ali Jenab, CEO of Perennial, said: “The team has more than tripled as we’ve significantly grown our revenue, product suite, and geographic reach."
Initially focusing on ERP software for K-12 schools, Perennial EdTech grew its offerings to include student management, student assessment, teacher evaluation, and health office management software.
Daniel Cohen, Vice President at Alpine Investors, said: “We are proud of all that we have achieved with Perennial EdTech and are excited for its innovation in the education space to continue as a result of the partnership between Frontline and Perennial."
Frontline Education last week announced the appointment of a new CEO, Mark Gruzin. Gruzin joined the business from Blackboard, a global educational technology company, where he served as president of global markets.
Perennial EdTech used Macquarie as the transaction advisor and Wilson Sonsini Goodrich & Rosati as legal counsel.