CampusLogic, a Chandler-based education technology company, announced on Tuesday that it has signed a definitive agreement to be acquired by Reston, Virginia-based Ellucian, a software company that works in the education space.
CampusLogic currently employs more than 150 people and makes financial aid software for higher-education institutions. The company works with nearly 800 schools to help students navigate the tangled web of scholarships, grants and other funding options. In 2021 the company helped connect more than 856,000 students to $8,465,417 in scholarship dollars.
Ellucian is a larger software-as-a-service (SaaS) company that works in higher ed. Its offerings include software to manage everything from student recruitment and workforce analytics to alumni engagement. Ellucian was acquired by Blackstone and Vista Equity Partners in September.
Ellucian already offers its own financial aid software, but the company said it planned to extend its offering by adding CampusLogic’s software, customers and partners into its existing platform, including all of CampusLogic’s subsidiary products.
CampusLogic is one of the Valley’s standout startup successes. The company was founded in 2011 by Gregg Scoresby, who has served as an investor, mentor and ambassador to many in Arizona’s startup community, in addition to running CampusLogic.
Scoresby will join Ellucian in a new role where he will shape the company’s vision and strategy for student success and well-being.
“We are thrilled to join the Ellucian team in our common mission to improve student experience across the entire higher education journey,” Scoresby said in a statement. “Our solutions improve the student financial aid experience, addressing the number one barrier to enrollment and graduation. As part of Ellucian, we have more opportunity than ever to help schools change lives and make student financial success a national priority.”
Details of the acquisition are still being finalized, with a final agreement expected in the coming months. Financial terms of the deal were not disclosed. Goldman, Sachs & Co. LLC served as financial adviser to CampusLogic while Macquarie Capital served as financial adviser to Ellucian.
Laura Ipsen, CEO of Ellucian, said that integrating CampusLogic’s software into its existing platform will be a great benefit to its university customers and to the students that use it.
“Under Gregg’s strong leadership, CampusLogic has delivered innovative and pioneering digital solutions for higher education that dramatically improve student financial success,” she said in a statement. “We believe there are significant future benefits that will continue to improve institutions’ success and change the lives of students.”
CampusLogic has previously won the Arizona Innovation Challenge and won at the Venture Madness pitching contest. The company raised $55 million in growth capital back in 2018 and another $120 million in the summer of 2020. Scoresby also works with PHX Venture Partners, a local investment fund that has provided seed capital to a slate of high-growth startups.
