The Raine Group has exited Parchment following the company’s merger with Credentials Solution, which is backed by Brentwood Associates. No financial terms were disclosed. Parchment is an education platform for issuing and receiving academic and professional credentials.
NEW YORK, Feb. 11, 2020 /PRNewswire/ — The Raine Group, a leading global investment bank focused exclusively on technology, media and telecommunications, announced today the successful exit of portfolio company Parchment, a leading education platform for issuing and receiving academic and professional credentials. Today’s announcement follows the completion of Parchment’s merger with Credentials Solutions.
“We were attracted to Parchment because of its mission to help turn credentials into opportunities, its team and its potential to capitalize on shifting education sector dynamics,” said Jeff Sine, Co-Founder and Partner of Raine. “In the seven years that we have partnered with the Company, it has become the most widely adopted digital credential service on the market. The education industry has a strong need for innovative technological solutions and services, and the combined Parchment and Credentials Solutions organization is well positioned to build on its market leading position.”
“Raine has been a valued partner to Parchment for many years, providing not only funding, but strategic counsel and access to their deep network,” said Matthew Pittinsky, Chief Executive Officer of Parchment, the combined company. “We thank Jeff, the Raine team and all of our investors for their significant contributions and dedication to our growth over the years.”
Raine, Parchment’s majority investor, first invested in Parchment in 2012, leading subsequent rounds prior to the merger with Credentials Solutions. Parchment became the most widely adopted credential service allowing learners, academic institutions, and employers to request, verify, and share credentials in simple and secure ways. The platform has helped millions of people exchange more than 40 million transcripts and other credentials globally.
About The Raine Group
The Raine Group is a global merchant bank focused exclusively on technology, media, and telecommunications. The firm has offices in New York, San Francisco, Los Angeles, London, Shanghai, and Mumbai. With a global reach, Raine focuses on investment and advisory opportunities where its deep industry experience and unique network of strategic relationships can create value for portfolio companies and clients. For more information, visit www.raine.com.