Anthology Receives Approval for Sale Transactions

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BOCA RATON, Fla.--(BUSINESS WIRE)--Nov 24, 2025--

Anthology (the “Company”), a leading software as a service (“SaaS”) educational technology provider, announced today that the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”) has approved the following transactions in connection with the Company’s previously announced Chapter 11 sale process.

• Ellucian Company LLC (“Ellucian”) will acquire the Enterprise Operations business, including Anthology Student, Finance & HCM, Student Verification, and Enterprise Ops Legacy.

• Encoura LE LLC (“Encoura”) will acquire the Lifecycle Engagement business, including Anthology Encompass, Reach, Engage, Advance, and the Student Success business.

Separately, the Company plans to align its focus on its core Teaching & Learning Business (focused on Blackboard, Ally, and adjacent solutions) to be rebranded as Blackboard Inc. upon emergence. The stand-alone recapitalization of Blackboard will allow the Company to emerge on a debt-free basis with the backing of a group of investors led by affiliates of funds managed by Oaktree Capital Management, L.P. and Nexus Capital Management LP.

“With Court approval we are one step closer to the close of the sale transactions and positioning our EdTech Solutions for long-term growth,” said Bruce Dahlgren, Chief Executive Officer of Anthology. “These transactions are a testament to the hard work and dedication of our team—and we’re thankful to Ellucian, Encoura, and our lenders for the confidence they have demonstrated in the future of these businesses and their commitment to advancing exceptional student outcomes well into the future.”

All transactions are subject to certain customary closing conditions. In the meantime, the Company will continue to deliver the highest quality solutions to facilitate more efficient processes for its customers.

Additional Information

Additional information about Anthology’s sale and restructuring process is available at https://connect.anthology.com/anthologyrestructuring.com. Bankruptcy Court filings and other information regarding the case can be found at https://cases.stretto.com/Anthology, or by contacting Stretto, Inc., the Company’s noticing and claims agent, at (833) 882-2627 (toll-free) and (949) 617-2255 (international).

Anthology is advised in this matter by Kirkland & Ellis LLP and Haynes and Boone, LLP as legal counsel, FTI Consulting, Inc. as financial and communications advisor, and PJT Partners LP as investment banker. The ad hoc lender group is advised by Davis Polk & Wardwell LLP as legal counsel and Lazard Frères & Co. LLC as financial advisor.

About Anthology

Anthology delivers education and technology solutions so that students can reach their full potential and learning institutions thrive. Millions of students around the world are supported throughout their education journey via Anthology’s ecosystem of flagship SaaS products and supporting services, including the award-winning Blackboard® (LMS), Anthology® Student (SIS/ERP), and Anthology® Reach (CRM). Through the Power of Together ™, we are uniquely inspiring educators and institutions with innovation that is meaningful, simple, and intelligent to help customers redefine what’s possible and create life-changing opportunities for people everywhere. www.anthology.com.

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CONTACT: Media InquiriesAnthology Press

[email protected] Chesley / Diana Sangiorgio

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KEYWORD: FLORIDA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: UNIVERSITY TECHNOLOGY PRIMARY/SECONDARY SOFTWARE EDUCATION

SOURCE: Anthology

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PUB: 11/24/2025 02:24 PM/DISC: 11/24/2025 02:25 PM

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