CHANDLER, Ariz., August 1, 2022 /PRNewswire/ — Zovio (Nasdaq: ZVO ), an education technology services company that partners with higher education institutions and employers, announced today that it has closed an agreement to transition its program management business online (OPM) in University of Arizona Global Campus (UAGC).
Over the past six months, Zovio has taken steps to implement a process designed to unlock shareholder value by rightsizing the company, accelerating the growth of subsidiaries and exploring strategic alternatives, which included the potential sale of all three businesses. hers.
IN May 2022Zovio completed the sale of TutorMe, for 55 million dollars and used a portion of the proceeds to pay off the bridge financing. This freed up the company’s debt and allowed Zovio to meet obligations stemming from a Supreme Court decision of California while the company appeals the decision.
Continuing to implement the strategic alternatives process, Zovio and UAGC negotiated, signed and closed an asset purchase agreement with an effective date of July 31, 2022, after obtaining approval from their respective Boards of Directors. Under the asset purchase agreement, UAGC is acquiring the operations and assets of Zovio that previously provided services to UAGC through a long-term Strategic Services Agreement.
“Zovio has been at the forefront of delivering innovative online learning products and services for nearly two decades,” Zovio’s Chief Executive Officer, Randy Hendricks said. “We are pleased to have reached this agreement with UAGC and are excited about their future,” Hendricks concluded.
Zovio will continue to support the continued growth and expansion of Fullstack Academy while simultaneously exploring strategic alternatives for that business.
Zovio (Nasdaq: ZVO) is an education technology services company that partners with higher education institutions and employers to deliver innovative, customized solutions to help students and leaders achieve their aspirations. The Zovio network, including Fullstack Academy, leverages its core strengths to solve priority market needs through education technology services. Using advanced data analytics, Zovio identifies the most meaningful ways to improve the student experience and deliver strong outcomes for higher education institutions, employers and students. Zovio’s goal is to help everyone be in a class of their own. For more information, visit www.zovio.com.
Contact: Vickie Schray
866 475 0317 x10003
SOURCE He called