Riverside Invests in Augusoft, Leading SaaS Ecommerce Solution for Continuing Education Programs
The Riverside Company, a global private investor focused on the smaller end of the middle market, has invested in Augusoft, a leader in enrollment management for continuing and corporate education programs. The investment is an add-on to Riverside’s Modern Campus, the leading modern learner engagement platform for higher education institutions. The acquisition extends the Modern Campus customer base to nearly 2,000 colleges and universities across North America and allows the company to further advance and improve the delivery of continuing education while engaging modern learners for life.
With enrollment for traditional two- and four-year programs declining across most campuses, higher education institutions are investing in continuing, professional, and workforce education to fuel enrollment growth while delivering on their institutional mission to expand learning experiences, reach diverse populations, and create employment opportunities.
“Investing in Destiny Solutions, the creator of Destiny One, is how our relationship with Modern Campus began in 2018,” said Riverside Managing Partner Loren Schlachet. “We are incredibly dedicated to serving lifelong learners. That makes this news—two industry leaders coming together to serve non-traditional learners in a cohesive way—an exciting next chapter for Modern Campus and The Riverside Company.”
Modern Campus’s Destiny One product is the recognized leader in non-traditional student management, with a broad set of offerings that enable colleges and universities to thrive in continuing, online and professional education. With Augusoft and its flagship Lumens product, Modern Campus now offers the most robust set of capabilities including products, services and partnerships to serve the complete needs of non-traditional learners.
“We fiercely believe that the future of higher education is lifelong learning, and at the core of Modern Campus is a belief that every human can be a lifelong learner,” said Modern Campus CEO Brian Kibby. “With Augusoft alongside Destiny One, we’re furthering our mission to empower customers to engage modern learners for life. And at the same time, we’re creating a wider range of choices for higher education institutions to deliver on their lifelong learning missions.”
This transaction marks the fifth acquisition by Modern Campus in the past 12 months; the company acquired interactive campus map and virtual tour provider nuCloud in early 2021, followed by academic catalog and curriculum management provider DIGARC and student engagement and development leader Presence. Earlier this month, Modern Campus announced its acquisition of leading higher education text-messaging provider Signal Vine.
“We are thrilled to work with the Augusoft team and expand Modern Campus’ reach and product offerings to continue being a leader in learner engagement,” said Riverside Senior Partner Joe Manning. “We look forward to growing the platform through both organic and inorganic growth.”
Both Destiny One and Lumens are purpose-built to enable customers to efficiently manage and grow their non-traditional student programs and deliver outstanding student service by enabling the functionality, administrative capabilities and efficiencies colleges and universities desire:
- Modern Campus Destiny One is purpose-built to meet the needs of community college and university customers who seek to deliver the broadest set of capabilities and services to achieve their student engagement and growth goals.
- Augusoft Lumens is enrollment management software purpose-built to meet the core needs of community college continuing education, workforce development, corporate training and certificate programs through tailor-made product capabilities and program partnerships with organizations like LERN.
Augusoft employees will join Modern Campus, adding to a higher education powerhouse of exceptional industry talent. Brian Kibby will remain CEO of Modern Campus, and Cem Erdem, president and chief executive officer of Augusoft, will join the Modern Campus board of directors.
Working with Schlachet and Manning on the deal for Riverside were Principal Steve Rice, Vice President Kenneth Johnson, Associate Alexander Kozan, Finance Director Doug Guess and Operating Partner Steve Pogorzelski. Managing Partner, Origination, Jeremy Holland sourced the deal for Riverside.