Higher education institutions around the world now have access to a broader set of modern technology solutions as Ellucian, a leading provider of tertiary education technology solutions, has announced it has acquired Tribal Group plc (“Tribal”). Tribal is a UK-based enterprise resource planning (“ERP”) and customer relationship management (“CRM”) software and services provider to the education sector.
The all-cash offer values Tribal’s entire issued, and to be given, ordinary share capital at approximately £159 million on a fully diluted basis and implies an enterprise value of £172 million. The offer is unanimously recommended by the Board of Tribal and is pending regulatory approvals and approval from Tribal shareholders.
Ellucian CEO Laura Ipsen commented on the acquisition: “Tribal is in precise alignment with Ellucian’s strategy, purpose, and values, and this is an exciting opportunity to expand our combined reach as we power tertiary education so institutions can empower student success. We recognize Tribal’s notable transformation journey to the cloud and are eager to work with Tribal’s strong leadership and talented team. This investment can accelerate our impact in significant and essential educational markets worldwide.”
The acquisition will allow Ellucian to provide better products and support across continents while extending the company’s customer base. It will also enhance and expand the company’s global product capabilities for the benefit of higher education institutions. By collaborating with over 2,900 customers in 50 countries, Ellucian has been able to deliver solutions to their most challenging problems and help them become more agile, scalable, and efficient. The platform has best-in-class SaaS capabilities and delivers insights needed today and in the future, fueled by decades of experience and a concentrated focus on the unique demands of learning institutions.
The merger will also benefit teachers and students by providing access to Tribal’s education services covering quality assurance, peer review, benchmarking and improvement, and student surveys that provide leading global benchmarks for student experience. Working with tertiary education schools, Government and State bodies, training providers and employers, in over 55 countries, Tribal’s mission is to empower the world of education with products and services that underpin student success.
Bank of America Merrill Lynch served as lead financial advisor, and RBC Capital Markets, LLC also served as financial advisor to Ellucian. Kirkland & Ellis International LLP and Axinn Veltrop & Harkrider served as legal advisors to Ellucian. William Blair International, Limited served as financial advisor to Tribal, and Taylor Wessing served as legal advisor to Tribal.
