Dive Temporary:
- ACT is partnering with Nexus Capital Administration LP, a Los Angeles-based non-public fairness agency, in a deal that will see the nonprofit school admissions evaluation supplier transition to a for-profit firm.
- As soon as finalized, the deal would unify Iowa Metropolis, Iowa-based ACT and its subsidiary Encoura, which gives knowledge science and enrollment companies, to function underneath ACT’s identify and model as a public profit company.
- Based on ACT, the partnership with Nexus will assist ACT convey new merchandise to market to “fulfill unmet wants and supply extra worth to learners, households, educators, states, districts, and our many stakeholders.”
Dive Perception
Particularly, the partnership will open extra pathways to levels, credentials and abilities acquisition for individuals in any respect phases of their careers and in studying, mentioned Daniel Domenech, chairman of ACT’s board of administrators and former govt director of AASA, The College Superintendents Affiliation.
“The time is true to maneuver into the following part of ACT’s long-term development technique alongside a associate with important business experience, giving ACT the size and capital essential to ship on its promise of schooling and office success,” Domenech mentioned in an April 10 assertion.
The partnership can have no impact on the value of the ACT take a look at or the expertise of taking the evaluation for school admissions, ACT mentioned.
Together with its school admissions evaluation, ACT additionally gives studying assets, analysis and work-ready credentials.
Encoura’s greater schooling choices will stay the identical, with its model and instruments turning into a collection of merchandise underneath the ACT model. ACT CEO Janet Godwin will proceed to steer the brand new public profit company.
ACT mentioned proceeds from the funding will fund a continued nonprofit group with a task in guiding the brand new ACT public profit company and making certain alignment with ACT’s mission. The nonprofit will conduct packages, companies and analysis targeted on schooling and office success, retain an funding within the new public profit company and have direct illustration on ACT’s board of administrators.
