Another Chapter Closed: Riverside Announces Successful Exit of Modern Campus

The Riverside Company, a global investment firm focused on the smaller end of the middle market, earlier this year successfully sold its investment in Modern Campus, a leading provider of student lifecycle management software for higher education institutions, to Providence Equity Partners.

Modern Campus serves over 1,500 higher education institutions, including public and private universities, community colleges, technical training schools and other educational organizations. The company’s software supports non-degree programs for non-traditional students, web content management, student engagement and curriculum and course catalog management.

“Our partnership with Modern Campus exemplifies Riverside’s ability to drive transformational growth in the education technology space,” said Riverside Managing Partner Loren Schlachet. “By executing a strategic M&A and operational playbook, we helped Modern Campus solidify its position as the premier provider of student lifecycle management software in higher education. We are proud of what we have accomplished together and excited to see the company continue to thrive under Providence Equity Partners’ ownership.”

Riverside initially invested in Modern Campus (formerly Destiny Solutions) in May 2018, establishing a strong foundation for growth. Over the course of its investment, Riverside spearheaded six strategic add-on investments, including OmniUpdate (2019) and Digarc (2021), significantly expanding the company’s market reach and software capabilities.

This transaction underscores Riverside’s deep expertise in the education and training sector. The firm has invested in more than 120 companies across pre-K, K-12, higher education and corporate training, including PeopleGrove, CORE Higher Education and Navigate360.

"We are incredibly proud of the transformative successes we achieved with Modern Campus. Riverside led the company's rebranding in 2021, which was a pivotal moment in its growth journey. We also significantly strengthened the sales and marketing functions, ensuring a robust pipeline and market presence,” said Senior Partner Joe Manning and Partner Steve Rice. “Additionally, we enhanced leadership at the C-suite level by adding key executives in finance, marketing, HR and revenue operations. These strategic initiatives have positioned Modern Campus for sustained success and growth in the years to come."

Working with Schlachet, Manning and Rice on the deal for Riverside were Assistant Vice President David Myers, Senior Associate Tom Hillebrecht and Operating Partner Steve Pogorzelski. Jeremy Holland, Origination Managing Partner, sourced the initial investment opportunity for Riverside.