Watermark, announced that TCV has entered into a definitive agreement to acquire a controlling interest in the company. TCV is one of the largest providers of capital to growth-stage private and public companies in the technology industry and has backed industry-leading technology companies including Airbnb, Capella Education, EA, EmbanetCompass, ExactTarget, HomeAway, Netflix, Spotify, and Zillow.
Watermark provides educational intelligence systems that help colleges and universities gain insights into student learning, so that they can improve the quality of educational programs, assess institutional effectiveness, and streamline the accreditation process. Watermark supports over 1,100 higher education institutions, including the majority of the top 200 U.S. News & World Report colleges.
TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has invested over $10 billion in leading technology companies and has helped guide CEOs through more than 110 IPOs and strategic acquisitions
Watermark CEO Kevin Michielsen said that there is no longer sufficient for institutions to retain and graduate students. They need to demonstrate that their students have the knowledge and skills to thrive in an increasingly complex global society and that they are actively improving outcomes at all levels. TCV has a deep understanding of and experience in the education technology and SaaS markets, having worked with many leading companies, help them to grow in large scale. They are excited about a powerful set of investment partners, led by TCV, to help them to take their Company to the next level.
Principal of TCV, Nari Ansari, said that over the past two decades, Watermark had developed the leading higher education assessment platform, and they are excited to partner with the management team and support their growth as they help institutions to improve student learning and institutional outcomes.