Parchment, a Scottsdale-based software provider that digitizes and protects academic records, is merging with another software-as-a-service company in the same space while maintaining its local headquarters and name. Parchment is merging with Credentials Solutions, a Deerfield, Illinois-based higher education transcript service provider.
The new Parchment LLC company will support a network of 13,000 schools, universities and professional organizations that will use the company to securely exchange more than 18.5 million academic records annually.
Parchment CEO Matthew Pittinsky, who will become the CEO of the new merged company, said the opportunity to join the two companies will create a larger integrated network, adding the higher education institutes that Credentials Solutions serves.
“At the heart of what we both do is we operate networks that high schools, colleges and other organizations belong to to enable transcripts electronically and securely,” Pittinsky told the Business Journal. “It’s ultimately about a network for this exchange of electronic records.”
Each credential transaction is seen as an opportunity, since that person needs the transcript, diploma, certificate or badge to apply to college or employment. Parchment provides a digital, secure way for learners, academic institutions and employers to request, verify and share credentials.
The merger came about after Parchment was gearing up to find new capital. Parchment has raised at least $67 million in funding, including $7 million in growth capital financing in April 2019.
While Parchment had more customers, since it worked with both K-12 and higher ed schools, Credentials Solutions has hundreds of higher ed customers Parchment didn’t work with, including the University of Phoenix and the Maricopa County Community College District.
“We’ll now have a more streamlined process and have one network our customers can rely on,” Pittinsky said.
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