Mobile, AL – Software Technology, Inc. (STI), a leading provider of Education Data Management (EDM) software and solutions to the K-12 market, secured a $4 million venture loan from MMV Financial. EDM is a new, integrated approach for managing data at the district level—Student Information Systems (SIS), Formative Assessment, Professional Development Services, and Special Education Data. The loan was used to complete the acquisition of Birmingham, AL-based Hunter Systems, LLC, a provider of administration software for private schools.
“STI has a proven track record of providing EDM software and services to the K-12 market,” commented Ryan Kovac, Vice President of MMV Financial Inc. “This opportunity was interesting because of STI’s leadership position in the south and mid-western United States, its long track record, a large and stable customer base, as well as the opportunity to convert existing customers from older legacy systems to new web-based systems.”
“We are excited about this financing because it will allow us to target private schools, an untapped market for next-generation web-based systems, through the acquisition of Hunter Systems,” said Ruby McCullough, CEO at STI. “In addition to financing the acquisition, MMV is providing the working capital we need to grow this business. We are pleased to have them as a financial partner that has had experience in the K-12 software space and thus were able to quickly understand our business.”
STI began in 1982 by developing administrative software for schools and had early success in the southeastern United States. As schools’ needs changed over time, STI expanded its product suite to include new features and functionality to address these changing needs. Today, STI’s success is based on providing innovative software programs for the K-12 market, as well as on a comprehensive service and support approach. This unique approach includes intimate training and capacity building for school, district and state customers. This approach has led to very high customer satisfaction and an equally high retention rate of customers over the last twenty years. STI’s Support Services Department also produces a series of user conferences every year, which routinely attract thousands of customers.
STI’s flagship product, InformationNOW, is a web-based SIS that provides the flexibility and accessibility needed in today’s school systems. Authorized users can retrieve the relevant data they need when they need it. The system helps cut down on administrative time through the one-time data entry capability, as well as the ease with which data can be retrieved and analyzed. Among its other Web-based products, STI offers STIAssessment, a data management system that allows users to create, administer, and track formative assessments, and to gather data detailing student performance on benchmarks and standards.
STI is also backed by SCP Partners, a Philadelphia-based venture capital firm.
STI is a leading provider of Education Data Management solutions to the K-12 market. STI's fully integrated suite of products addresses attendance, discipline, scheduling, grade reporting, state reporting, financial management, health, data mining, parent and teacher communications, formative assessment and professional development services. More than 8,000 schools in 50 states use STI solutions. The company was founded in 1982 and is headquartered in Mobile, AL.
For more information, phone 800-844-0884 or visit http://www.sti-k12.com/.
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800-844-0884 ext. 1003
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarite des Travailleurs du Quebec, HSBC, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information visit: www.mmvf.com, or contact:
MMV Financial Inc.