NEW YORK, March 27, 2018 /PRNewswire/ — Watermark, the largest provider of assessment software for higher education institutions worldwide, announced today that TCV has entered into a definitive agreement to acquire a controlling interest in the company. The transaction is expected to close in the second quarter and is subject to customary closing conditions. TCV is one of the largest providers of capital to growth-stage private and public companies in the technology industry and has backed industry-leading technology companies including Airbnb, Capella Education, EA, EmbanetCompass, ExactTarget, HomeAway, Netflix, Spotify, and Zillow.
Quad Partners and Watermark’s management team will reinvest alongside TCV and will be joined by new investor Exceed Capital Partners. The investment will enable the company to accelerate growth and expand its leadership position through enhanced product offerings. As part of the transaction, TCV General Partner, Jake Reynolds, and Principal Nari Ansari will be joining Watermark’s board of directors.
Watermark provides educational intelligence systems that help colleges and universities gain insights into student learning so that they can improve the quality of educational programs, assess institutional effectiveness, and streamline the accreditation process. Watermark supports over 1,100 higher education institutions, including the majority of the top 200 U.S. News & World Report colleges.
“It’s no longer sufficient for institutions to retain and graduate students,” said Watermark CEO Kevin Michielsen. “They need to demonstrate that their students have the knowledge and skills to thrive in an increasingly complex global society and that they are actively improving outcomes at all levels. TCV has a deep understanding of and experience in the education technology and software/SaaS markets, having worked with many leading companies to help them grow and scale. We are excited about a powerful set of investment partners, led by TCV, to help us take our company to the next level.”
“Watermark has built a unique cloud software suite to help colleges and universities use data to more comprehensively fulfill strategic objectives around both institutional effectiveness and accreditation,” said Jake Reynolds, General Partner at TCV.
“Over the past two decades, Watermark has developed the leading higher education assessment platform, and we are excited to partner with the management team and support their growth as they help institutions improve student learning and institutional outcomes,” said Nari Ansari, Principal at TCV.
Access the press release here.