A software maker the helps community colleges keep students from dropping out has been acquired after growing solely backed by revenue and grants in the 10 years since graduating from a Rev1 Ventures accelerator program.
Following the deal, Aviso Retention is now the new Columbus office of Austin-based Watermark Insights LLC. Founder and CEO Alexander Leader joined Watermark as chief impact officer, along with the Aviso staff. Terms were not disclosed.
"We’ve proven that with the support of the community, mentors and others, a company can be started that competes – and wins – against industry-leading competitors," Leader said in an email interview. "There are many other companies that are on a similar journey: ... heads down, doing great work, and not focused on the publicity."
Founded as Aviso Coaching LLC in 2012, the business rebranded five years ago. Its AI-powered subscription software gathers data from unconnected systems within a community college and uses predictive analytics to alert counselors when a student is at risk. It also makes a student app that sends reminders on classes, assignments, advisor appointments and deadlines for documents like financial aid forms.
Private equity-backed Watermark formed from the 2017 merger of three edtech companies, with three acquisitions the following year. It combines software for some 1,700 higher education institutions in areas such as accreditation, faculty activity, course evaluations and curriculum development.
Aviso fits with Watermark's software that also centralizes data spread across different departments and campuses for better decision-making, CEO Erin Shy said in a news release.
"Aviso’s solutions help institutions keep students engaged and on the path to graduation," she said.
The business arose from Leader's earlier work as a software consultant, building an online transcript sharing system for the Ohio Board of Regents. He took his idea through the second round of the former 1492 accelerator in 2011, when Rev1 was still called TechColumbus.
Besides a $20,000 grant from 1492, Aviso grew through sales, including fees paid out of clients' research grants. In 2017 it was chosen as the software provider under a federal grant for a 10-college consortium in North Carolina.
"The focus of the federal government on this effort really helped to introduce our platform to higher education more generally," Leader said.
It won a bid two years later for another North Carolina grant, which eliminated the graduation gap between white and nonwhite male students in state community colleges.
Aviso grew to some 80 clients, a mix of two- and four-year colleges and universities, including some private schools. Besides helping more students attain degrees, the institutions benefit financially from fewer dropouts.
"Our success was directly tied to the success of our customers," Leader said. "Yes, this meant that sometimes our growth was slower than it could have been had we accepted investment, but it kept our focus on what’s most important: our customers and the students they serve."
But by last year, client results were significant enough that Leader wanted to add more institutions quickly, plus provide career advancement for employees. After an introduction to Watermark, he said, he felt the mission and values aligned and his staff could thrive in the larger umbrella. The merger was final at year's end and announced earlier this month.
Aviso's office is at Grandview Avenue off Dublin Road, just outside Grandview Heights.
“The Aviso Retention acquisition further underscores the power of the Columbus startup ecosystem and the scalability of companies based here,” Rev1 CEO Tom Walker said via email. "The Aviso news helps all entrepreneurs as it brings awareness to the groundbreaking work being done in Central Ohio, while reinforcing the importance of focusing on solving a market need.”
