Synergis Education Secures $5 Million in Financing
PHOENIX, May 8, 2014 /PRNewswire/ -- Synergis Education today announced the successful completion of a $5 million Series A2 financing round with Mitsui & Co. (U.S.A.), Inc. (hereafter "Mitsui USA") a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, one of the most diversified and comprehensive trading, investment and service enterprises in the world. Mitsui USA joins the largest investor University Ventures Fund I, L.P. and affiliated entities, along with its limited partners including Bertelsmann SE & Co. KGaA, which is also a direct investor in the company.
"To bring in new investment capital and strategic thought leadership from another strong, global organization is a true testament to our overall strategy," said Synergis CEO and co-founder Norm Allgood. "The passion that Mitsui has for education and their overall commitment to service align nicely with Synergis and our unique focus to assist traditional colleges and universities in extending their reach to the 21st century student through programs offered both online and onground. In short, the Synergis approach allows for better learning outcomes and broader access to an ever evolving student base. Once again, our new investor recognizes the significant value that has been created in our approach and we look forward to building upon this success."
"We are very excited about our investment in Synergis, a leading provider of services to adult learners from Universities across the US" said Amit Avnet, Director, Consumer Service Business Division of Mitsui USA. "We believe there is a strong fit between Synergis's mission and our strategy, which is focused on improving working adults' employment prospects and quality of life in various industries, especially the Healthcare industry. We look forward to working closely with Norm and the rest of Synergis's first rate management team as they expand the company's onground, online and hybrid degree programs to additional geographies and high-demand market verticals."
Synergis Education is working with nine universities to fund, establish and grow higher education programs for non-traditional adult learners: Cornerstone University, Gwynedd Mercy University, Cardinal Stritch University, Warner Pacific College, Averett University, University of Southern California and Samuel Merritt University, Gratz College and Harrisburg University. Synergis plans to use the proceeds from the financing to add and expand programs at these partner universities, with a strong emphasis on healthcare programs, as well as to add new partner institutions.
"Our focus on an open, trust-based relationship built on the highest quality service has drawn substantial interest from university partners. Synergis is the single fastest growing School-as-a-Service provider. Driving this growth is University Ventures' 'innovation from within higher education' approach, which means appreciating the respective roles of service providers and our institutional partners," said David Figuli, Managing Director of University Ventures.
With the investment, Amit Avnet, Director, Consumer Service Business Division of Mitsui USA joins the Synergis Board of Directors.
ABOUT MITSUI USA
Mitsui & Co. (U.S.A.), Inc. was incorporated in 1966 in New York as a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 145 offices in 66 countries/regions as of May 1, 2014. Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Service, and Innovation & Corporate Development. Mitsui USA aspires to meet the needs of its customers as "Your Global Business Partner®," while remaining committed to sustainable growth and good corporate citizenship. More information on Mitsui USA may be found at www.mitsui.com/us.
Synergis is a premium, full-service provider of educational services designed for college and university leaders who are not satisfied with the status quo. We assist our partner institutions in achieving regional prominence, enrollment growth, and overall sustainability through continual improvement and best practices. Synergis is unique among education services providers in that it is positioned to work with the entire adult higher education market, remaining agnostic as to the delivery method (online, face-to-face, hybrid).
ABOUT UNIVERSITY VENTURES
University Ventures (UV) is the premier investment firm focused exclusively on the global higher education sector. UV pursues a differentiated strategy of 'innovation from within'. By partnering with top-tier universities and colleges, and then strategically directing private capital to develop programs of exceptional quality that address major economic and social needs, UV expects to set new standards for student outcomes and advance the development of the next generation of colleges and universities on a global scale.