HarbourVest Partners acquired a minority stake in Finalsite, an educational technology provider. Bridge Growth Partners will remain Finalsite’s majority owner.
Finalsite, a premier global education technology provider, today announced that HarbourVest Partners, a global private markets asset manager, has acquired a significant minority stake in the company. Bridge Growth Partners, a leading technology investment firm, will remain Finalsite’s majority owner. Financial terms of the transaction were not disclosed.
Headquartered in Glastonbury, CT, and founded in 1998, Finalsite provides software as a service (SaaS) solutions to over 5,000 leading independent and public K-12 schools across 100 different countries. Finalsite’s software platform enables schools, districts and other institutions to deploy a comprehensive “digital campus,” providing a central hub with innovative tools and data connections to facilitate fast and high quality digital communications as well as active engagement with their communities of parents, teachers, students and administrators. Amid the COVID-19 pandemic, expectations for enhanced digital connectivity are higher than ever, and Finalsite is supporting its clients’ needs for online connectivity at this unprecedented time through parent communications, virtual tours, live streamed events, online enrollment solutions, virtual graduations and fundraising campaigns.
“I founded Finalsite over two decades ago to provide schools around the world with a best-in-class marketing and communications software platform,” said Jon Moser, Finalsite Founder and CEO. “We are all very pleased to have HarbourVest join us as an investor and appreciate their confidence in our platform.”
“Over the past several years, we’ve watched Finalsite transform into the leading digital communications software provider within K-12 education,” said Ian Lane, Managing Director, HarbourVest Partners. “Finalsite enables its customers to enhance their digital campuses and satisfy the communications needs of its constituents. We know Bridge Growth Partners well and respect their expertise and dedication to building strategically relevant businesses. We very much look forward to partnering with the Finalsite team to scale the company further during this exciting new chapter of growth.”
“We’re excited to continue to back Finalsite with our new partner HarbourVest, whose team has an impressive track record of investing in successful software businesses in the K-12 education space,” said Alok Singh, Chief Executive Officer of Bridge Growth Partners and Chairman of Finalsite. “We have great conviction that Finalsite will become an increasingly vital digital platform for K-12 schools on a global basis.”
Finalsite’s board is comprised of:
Jon Moser, CEO, Finalsite;
Alok Singh, CEO, Bridge Growth Partners and Chairman, Finalsite;
Brad Weckstein, Managing Director, Bridge Growth Partners;
Yves de Balmann, Executive Partner, Bridge Growth Partners and former Co-Chief Executive Officer, Bregal Investments;
Jack Welch, Executive Partner, Bridge Growth Partners and former Senior Partner, McKinsey;
Dave Laverty, Senior Advisor, Bridge Growth Partners and former CMO of IBM’s Data and Analytics Division;
Danny Sabbah, Senior Advisor, Bridge Growth Partners and former CTO and Chief Product Strategist of IBM’s Cloud business;
Will Ethridge, former CEO of Pearson North America;
Jonathan Harber, former CEO of Pearson K12 Technology;
Joel Hwang, Principal, HarbourVest Partners; and
Elliott Campbell, Vice President, HarbourVest Partners.
Finalsite empowers schools and universities to be exceptional. The company’s website, marketing and communications platform and consulting services transform how schools engage with community members, recruit students and staff, and fundraise; while managing the complex requirements around data privacy, accessibility, hosting and security. Finalsite products and services include award-winning website designs, a robust content management system, innovative inbound marketing tools, data integration, training, support and marketing consulting. Used by over 5,000 schools and a 95% retention rate year-over-year, Finalsite is the choice of more than 600 NAIS member schools and hundreds of district schools in the U.S., and international schools and universities in 100 countries around the world. Finalsite is based in Glastonbury, CT and is a portfolio company of Bridge Growth Partners. For more information, please visit www.finalsite.com
About Bridge Growth Partners
Bridge Growth Partners, LLC is a private equity firm that targets investments in the technology and technology-enabled services sectors. Bridge Growth Partners brings together in one team premier investment, financial, strategic, and operating business building talent. The firm is committed to relationship-based investing, with a focus on supporting growth, operational excellence and world-class governance at its portfolio companies to create value for investors. For more information about Bridge Growth Partners, please visit http://www.bridgegrowthpartners.com/.
HarbourVest is an independent, global private markets investment specialist with over 35 years of experience and more than $69 billion in assets under management, as of June 30, 2020. The Firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in commingled funds or separately managed accounts. HarbourVest has more than 600 employees, including more than 145 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $42 billion to newly-formed funds, completed over $25 billion in secondary purchases, and invested over $18 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, and actionable insights.