In this week’s dealmaking news, Frontline Education announced plans to acquire K-12 business information systems provider Prologic. Also, New Markets Venture Partners closed a $68 million fund focused on education technology and innovation.
Frontline to Acquire Prologic: Frontline Education, a provider of administrative and HR software solutions to educational organizations across the U.S., has signed a definitive agreement to acquire Prologic Technology Systems.
Prologic, a business information systems provider serving more than 730,000 K-12 students primarily in Texas, is Frontline Education’s first acquisition in the payroll, financial management, benefits and SIS space. It is the company’s 12th acquisition overall. Financial details of the sale were not released.
The acquisition “enhances Frontline Education’s K-12 human capital management portfolio with capabilities in payroll, financial management, benefits and student information system (SIS),” Malvern, Pa.-based Frontline said in a statement.
Prologic’s Total Education Administrative Management Solution (TEAMS) offering aims to help “enable more efficient and cost-effective management of a school district’s systems.”
“After dedicating more than 20 years to the growth and development of Prologic and TEAMS, we want to ensure that our core solutions have a strong future,” said Jeff Pepper, president of Prologic, in the statement. “The acquisition and support of the Frontline team solidifies our position and provides additional opportunities to enhance our offerings and expand our reach as part of Frontline Education.”
Frontline said it will maintain the current Prologic infrastructure and solutions, providing support to all existing and future clients. As expanded capabilities in payroll, financial management and benefits are incorporated into the Frontline Insights Platform, Frontline will work to expand the Prologic TEAMS footprint into other regions.
New Markets Closes $68 Million Education Fund: New Markets Venture Partners has closed a $68 million venture capital fund focused on education technology and innovation, the Fulton, Md.-based company said in a statement on The PE Hub Network.
The fund, which will invest in companies and organizations working across the education-to-employment life cycle, drew support from a diverse cross-section of strategic investors, including several publicly traded education and insurance companies, testing giant ACT, Strada Education Network, Lumina Foundation, and a number of other mission-oriented foundations, strategic investors and large family offices, according to the statement.
The fund, dubbed NMEP II, plans to invest $1 million to 5 million per new investment into Series A, Series B and recapitalization rounds. In addition, the fund plans to concentrate its investments on “companies pushing the boundaries of digital learning, learning science, data and analytics, and pathways to workforce to significantly improve educational and career outcomes,” the firm said.
To date, NMEP II has already made seven investments. Higher education solutions include the science-based retention platform Motimatic; online program enabler Noodle Partners, and text messaging platform, Signal Vine.
Over the last decade, New Markets has made more than 20 investments in education technology companies that serve over 19 million students, according to the firm.
Selected Raises $1.2 Million: Selected, an online platform that matches teachers with jobs at pre-K through grade 12 schools, completed a $1.2 million seed financing round led by Propel Capital, and supported by Kapor Capital and individual investors.
Selected said it will use the funds to invest in its technology that matches candidates and schools based on mutual fit of preferences, school culture, and pedagogy, and expand its service to new U.S. cities, according to a statement posted to The PE Hub Network.
The platform partners with more than 500 public and independent schools in major metropolitan areas in the Northeast, including New York City, Newark, Trenton, Philadelphia, Camden, Washington, D.C., and Boston.
“We believe that focusing on teacher-school fit will have a tremendous impact on career fulfillment, teacher retention, and student performance,” said Waine Tam, Selected’s co-founder and CEO. “We’re excited to be working with Propel and Kapor to help us grow the platform, serve more teachers and schools in high-need areas, and make a lasting impact on the U.S. education system.”