Growth equity firm PSG has announced strategic growth investments in two Florida companies —Verity IQ, which develops customer relationship management and student information systems, and Campus Ivy, which makes financial aid software for students. Financial terms were not disclosed.
“PSG has a deep conviction in the potential for innovative technologies to transform education, and we have been actively investing in edtech for many years,” said Marco Ferrari, managing director of the Boston-based PSG. “We’ve closely monitored the increasing demand for trade and vocational schools, as well as community colleges, driven by the shortage of skilled vocational workers and the rising costs of higher education, among other tailwinds.”
Strong on EdTech
Co-founded by CEO Mark Hastings and Chairman Peter Wilde in 2014, PSG focuses on investments in software and technology-enabled services companies. So far, it has invested in more than 140 companies and facilitated over 500 add-on acquisitions. PSG’s portfolio includes several education technology companies including Aztec Software, DigitalEd, Lumaverse, Packback, Pathful and SchoolStatus.
Hastings, who has an M.B.A. from the Wharton School, started his career at Edison Ventures. He later worked at BCI Partners and CIBC, where he led the firm’s technology-focused growth equity team. In 2009, Hastings spun off a CBIC unit to form Garvin Hill.
Wilde, who received an M.B.A. from Harvard Business School, previously worked at Providence Equity Partners, co-running the firm’s North America unit from 2012 to 2020.
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Verity IQ, of Boca Raton, Fla., intends to use the funds to expand its existing offerings with additional features and functionality, as well as to strengthen the integration of its solutions. Verity runs a SaaS platform that helps educational institutions manage the entire student life-cycle, focusing on recruitment, retention and placement using modern channels for communication. Co-founder Cornelia Anderson serves as the firm’s CEO, while her founding partner Aaron Anderson is chief technology officer.
Campus Ivy, of Sunrise, Fla., helps institutions transform their financial aid administration, focusing on the student experience to enhance efficiencies and compliance. Co-founder Cid Yousefi serves as president and CEO, while another co-founder, Siana Stewart, is chief operating officer.
Both Verity IQ and Campus Ivy have distinguished themselves as leading providers of crucial solutions that support the entire student lifecycle, evidenced by the many institutions that choose to work with both providers, Ferrari said.
