LOUISVILLE, KY (September 25, 2008) – Chrysalis Ventures, a leading source of equity capital for young growth companies in the Midwest and South, today announced that it has led an $8.25 million Series B investment in Frederick, Maryland-based Regent Education, Inc. (“Regent”), a provider of financial aid management solutions to schools in the post-secondary education market. Edison Venture Fund, a leading growth capital investor in the Mid-Atlantic region and lead Series A investor, also participated in this financing.
Regent is the only provider of financial aid management Software-as-a-Service (“SaaS”) solutions for higher education institutions. The company’s web-based, easy-to-use solutions leverage technology and automation to improve the operational efficiencies of the financial aid office, a mission critical aspect of higher education that is faced with regulatory compliance concerns, growth in demand for student loans, and increasing competition for students.
Regent enables higher education institutions to manage their complete business process for financial aid management, administration, disbursement, packaging, compliance, tracking, communications, verification, imaging, and all student self-service activities. Its products allow the delivery of audit reporting and the latest state and federal regulations and updates in real time. In addition, through automation of the financial aid process, Regent allows schools to more quickly and efficiently turnaround financial aid decisions to aid enrollment. Regent’s solutions, developed on open standards architecture, interoperate with the leading student information and education Enterprise Resource Planning (“ERP”) systems.
“We are delighted to partner with Chrysalis Ventures and Edison Venture Fund for this important round of growth financing,” said Mike Ratti, CEO of Regent Education. “In addition to capital, they bring valuable strategic insight and technology experience as we aggressively assert our leadership in the financial aid management software market. This capital infusion will help us expand our market penetration, as well as augment our product development efforts.”
According to Bob Saunders, managing director of Chrysalis Ventures, “Within Chrysalis’ emerging trends and technology portfolio, technology enabled education and training is an area of core focus. Regent’s financial aid management software not only improves operational efficiency and compliance but also offers a best-in-class product for a mission critical aspect of higher education, making the company a great fit for our growing portfolio of education-related investments.”
“With its breakthrough on-demand software product line, Regent has established itself as an emerging leader in the attractive financial aid management market,” commented Sever Totia, Edison Principal. “We look forward to continue working with the company’s strong management team and with Chrysalis Ventures, to help take Regent to the next level.”
Mr. Saunders and Mr. Totia both serve on Regent’s board of directors.
About Regent Education
Named Firm of the Year by the Tech Council of Maryland and a 2008 CODiE Award Finalist for Best Postsecondary Enterprise Solution, Regent is a leading Software-as-a-Service provider of financial aid management software solutions with more than 30 years’ industry experience. The company’s web-based, easy-to-use solutions interoperate with any established student information system. Regent provides institutions with improved efficiencies, fewer errors, and enhanced services for students, equaling a positive return on investment within the first year.
Regent’s management solutions are designed and built by and for members of the financial aid and enrollment management community. Regent enables institutions to better craft and execute financial aid strategies. With the Student Self Service Portal, the company also offers 21st century access for students seeking financial aid information anytime, anywhere, from any device, in any language. For more information, visit: www.regenteducation.com.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is the premier venture capital firm in Mid-America, managing one of the region’s largest funds for early-stage and growth investments. Chrysalis invests primarily in early-stage and expansion-stage companies in healthcare services and technology, media and communications, and emerging trends and technologies. Based in Louisville, Kentucky, Chrysalis has over $385 million under management and has made investments in over 55 companies. For more information, please visit www.chrysalisventures.com.
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 8 million. Edison typically serves as a sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases. Edison’s investment professionals are based in Lawrenceville, NJ, McLean, VA, New York, NY, Needham, MA and West Chester, PA. Industry specialties include application software, communications, financial technology, interactive marketing, healthcare & pharmaceutical IT. Edison’s successes include Best Software, Dendrite, E-Transport, Gain Capital, Liberty Tax, Marcam, Octagon, Princeton Financial, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $550 million under management and is actively making new investments. www.edisonventure.com.