The acquisition, an all-cash deal, will value Tribal’s entire issued and to be issued ordinary share capital at approximately £159 million on a fully diluted basis, with an enterprise value reaching £172 million.
The acquisition, an all-cash deal, will value Tribal’s entire issued and to be issued ordinary share capital at approximately £159 million on a fully diluted basis, with an enterprise value reaching £172 million.
Ellucian, a major player in tertiary education technology solutions, has announced its acquisition of the UK-based Tribal Group, known for its enterprise resource planning and customer relationship management software and services in the education sector.
All-cash deal
The acquisition, an all-cash deal, will value Tribal’s entire issued and to be issued ordinary share capital at approximately £159 million (US$195 million) on a fully diluted basis, with an enterprise value reaching £172 million (US$211 million), according to a press release.
The agreement has received unanimous approval from the Board of Tribal, and it is currently awaiting regulatory approvals and the green light from Tribal shareholders.
Strategic alignment, benefits
The move is expected to boost Ellucian’s global product capabilities, offering a wider range of modern technology solutions for educational institutions, ultimately improving the student experience. The combination will also allow Ellucian to expand its customer base and provide better product support across different regions.
“[We are] eager to work with Tribal’s strong leadership and talented team. With this investment, we can accelerate our impact in large and important educational markets around the world,” said Laura Ipsen, CEO of Ellucian.
Richard Last, chairman of Tribal, also said that the union with Ellucian will establish a more robust platform that capitalizes on the strengths of both companies in their respective geographic areas.
The acquisition process was facilitated by financial advisory support from Bank of America Merrill Lynch and RBC Capital Markets for Ellucian. Legal advisors included Kirkland & Ellis International and Axinn Veltrop & Harkrider.
William Blair International acted as financial advisor to Tribal, with Taylor Wessing serving as the legal advisor to Tribal.
