PHOENIX, April 25, 2018 /PRNewswire/ -- CampusLogic, the leading student financial services (SFS) platform, today announced $55 million in funding led by JMI Equity, a growth equity firm focused on investing in leading software companies.
Founded in 2011, CampusLogic is a market leader in SFS software with nearly 500 higher education customers that serve more than three million students. CampusLogic, which recently reported a four-year compounded annual growth rate of more than 200%, plans to utilize the new funding to make investments across the company in product, customer success, sales and marketing to increase the scope and power of its platform. It also intends to explore strategic acquisitions that can add breadth to its platform around college savings, shopping, attending, repaying and giving back.
"The ABCs of student finance are more important now than ever – improving accessibility, reducing borrowing and driving completion," said Gregg Scoresby, CEO of CampusLogic. "We're partnering with institutions across the nation to make the ABCs of student finance a reality with software that brings easy, mobile and personalized student financial services. We're excited to partner with the team at JMI, whose leadership with Ellucian, Blackbaud and other category-leading companies makes them the best partner to help us unlock the tremendous opportunity in front of us."
More than 15 million students travel the higher education financial services journey each year. Complicated financial processes often create barriers to student enrollment and retention. A recent report shows that 40% of low-income students that are accepted into college fail to enroll due to complex financial aid processes. And, when students do get into the classroom, more than three million drop out of higher education due to financial constraints. Meanwhile, student debt is increasing at an amount of $2,667 dollars every second.
"We are thrilled to partner with Gregg and the CampusLogic team to advance their position as the clear leader in the fast-growing and dynamic market for student financial services software," said Peter Arrowsmith, General Partner at JMI Equity who will join CampusLogic's Board of Directors. "CampusLogic gives students an innovative, efficient and personalized way to access financial aid and provides unparalleled solutions for solving critical problems for colleges and universities around accessibility, borrowing and completion. We look forward to partnering with Gregg and his team to help drive the next phase of CampusLogic's growth and success." In addition, Krishna Potarazu Senior Director at JMI Equity will join CampusLogic's Board of Directors.
CampusLogic works with colleges and universities to simplify the student financial services journey with its comprehensive software platform, including web-based guided financial aid forms, personalized multimedia award letters, an industry-leading net price calculator, and rich analytics for the financial aid office. The company recently announced the launch of ScholarshipUniverse, a first-of-its kind software product developed in partnership with the University of Arizona designed to close student funding gaps, improve scholarship fund utilization and bring in outside funding.
About JMI JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 130 businesses in its target markets, successfully completed over 85 exits, and raised more than $3 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information, visit www.jmi.com.
About CampusLogic CampusLogic transforms the way higher education delivers student financial services with the first—and only—comprehensive platform. Easy. Mobile. Personalized. CampusLogic's innovative software removes financial barriers to improve student access, reduce borrowing, and drive completion in higher education. Nearly 500 schools serving 3 million students simplify financial services resulting in higher enrollment, streamlined efficiencies, and improved retention with CampusLogic. For more information visit campuslogic.com.