Edmentum, Inc. was formerly known as PLATO Learning, Inc. and changed its name to Edmentum, Inc. in November 2012.
"Edmentum, Inc. is committed to making it easier for educators to individualize learning for every student through simple technology, high-quality content, and actionable data. Founded in innovation, Edmentum’s powerful learning solutions blend technology with individual teaching approaches. Edmentum is committed to being educators’ most trusted partner in creating successful student outcomes everywhere learning occurs. Built on over fifty years of experience in education, Edmentum solutions currently support educators and students in more than 40,000 schools nationwide".
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CORPORATE HIGHLIGHTS
4/10/2018: Edmentum, a global education leader and a pioneer in online teaching and learning solutions, has raised $25 million in incremental financing from New Mountain Finance Corporation and Tennenbaum Capital Partners. The financing will allow the extension of the company’s debt maturity and comes at a time of escalating growth, perpetuated by well-performing Edmentum programs under the leadership and vision of CEO Jamie Candee.
6/10/2015: Company recapitalized. See Investment Highlights.
2/16/2018: Edmentum announced the expansion of its executive leadership team. Marcus Lingenfelter, Senior Vice President of Strategic Initiatives and Partnerships; Karen Barton, Ph.D., Senior Vice President of Research and Design; Jason Scherschligt, Vice President of Product Strategy and Experience; and Christy Spivey, Vice President of Curriculum and Assessment Development join the organization.
4/20/2015: Company taken over by its lenders. Edmentum Inc has closed on a recapitalization deal that will give new lenders control of nearly all its equity. The transaction will pay down $231 million in first-lien debt and reduce the $140 million in second-lien debt. It also includes $35 million in new capital from second-lien lenders who will own "substantially all of the equity" in the reorganized business.Edmentum CEO Vin Riera said the deal will let it boost investment in new products.The former Plato — it changed its name to Edmentum in 2012 — was founded a half-century ago at Control Data and was taken private in 2010.
BDC Credit Reporter View
BDC CREDIT REPORTER VIEW
Updated: November 1, 2018
INVESTMENT HIGHLIGHTS
June 2018 New Mountain Finance (NMFC) disclosure: "The Company holds subordinated notes, ordinary equity, and warrants in Edmentum Ultimate Holdings, LLC and holds a second lien revolver and a second lien term loan in Edmentum, Inc. and Archipelago Learning, Inc., which are wholly-owned subsidiaries of Edmentum Ultimate Holdings, LLC".
June 30, 2017: Prospect Capital (PSEC) held a 37.1% membership interest in Edmentum Ultimate Holdings, LLC (“Edmentum Holdings”). Edmentum Holdings owns 100% of the equity of Edmentum, Inc. (“Edmentum”). On February 23, 2018, certain participating members of Edmentum Holdings increased their revolving credit commitment and extended additional credit to Edmentum, Inc. in exchange for additional common units of Edmentum Holdings. As a result, Prospect's equity ownership was diluted to 11.51% and the investment was transferred from a controlled to an affiliate investment classification as of March 31, 2018. Edmentum is the largest all subscription based, software as a service provider of online curriculum and assessments to the U.S. education market. Edmentum provides high-value, comprehensive online solutions that support educators to successfully transition learners from one stage to the next.