SAN DIEGO, March 12, 2019 /PRNewswire/ -- Bridgepoint
Education, Inc. (NYSE: BPI) today announced that it has acquired
Fullstack Academy, an award-winning, immersive coding bootcamp
offering a premier program centered on a series of leading and
emerging technologies.
"Fullstack Academy is a strong fit within our education
technology services ecosystem with its demonstrated commitment to
bridging the skills-to-employment gap within the United States," said Bridgepoint CEO
Andrew Clark. "Fullstack Academy
provides a platform from which we can expand into other high-demand
employment verticals in need of qualified professionals. Together,
Fullstack Academy and Bridgepoint are an excellent fit with a
common vision of the future. We are thrilled to welcome the
Fullstack Academy team to Bridgepoint."
With over 2500 graduates, Fullstack Academy offers both
full-time (13 weeks) and part-time (24 weeks) learning programs in
cybersecurity training and web development with a strong track
record of quality learner experiences, including being a founding
partner in Council on Integrity in Results Reporting (CIRR).
Fullstack Academy's admissions, academics and career success teams
are dedicated to "Right Learning at the Right Time," and have
created a wide selection of prep and enrichment programs that get
students ready for the transition of moving into an intensive
coding bootcamp and later into a technology career. Today,
Fullstack Academy maintains two "Centers for Excellence" in
New York and Chicago, with an eye towards expansion
primarily through university partnerships.
"Both organizations have an unwavering commitment to the
achievement of their respective students and the quality of the
education they deliver. Fullstack Academy graduates can be found
succeeding across the U.S. in employers ranging from small startups
to Silicon Valley powerhouses," said Nimit
Maru, Co-Founder of Fullstack Academy.
"We are excited to join the Bridgepoint family. Bridgepoint's
robust corporate partnership network compliments our expanding
university partnerships, and has the opportunity to create an even
tighter connection between employers and students to fill their
talent pipeline," said David Yang,
Co-Founder of Fullstack Academy.
In 2018, Fullstack Academy partnered with New York City to launch Fullstack Academy's
Cybersecurity Immersive, an elite cybersecurity bootcamp focused on
creating skilled workers to help drive economic growth in the
region. Fullstack Academy has also worked with New York City's Tech Talent Pipeline on two
iterations of the Web Development Fellowship, a program creating
pathways for underserved communities. The Web Development
Fellowship works with individuals who have never worked in tech and
historically made under $50,000, and
connects them to technology careers in New York City.
For several years now, Fullstack Academy has been a top-rated
technology bootcamp in the U.S., including its highly-regarded
Grace Hopper Program, an immersive coding program offered
exclusively for women. As part of Fullstack's mission to "close the
gap" in technology, the Grace Hopper Program has graduated over 500
women since 2016. From continuously updated curriculum to
personalized mentorship experiences, the program encourages women
to go beyond the scope of a coder and instead become a full-fledged
software engineer.
"The Grace Hopper program at Fullstack Academy aligns perfectly
with Bridgepoint's long-standing history of supporting women as
they advance their career trajectory. The importance of this
program cannot be overstated, and we look forward to helping
Fullstack Academy expand its reach and support the success of its
students in the years to come," said Mr. Clark.
Transaction Details
The total consideration for the
transaction is anticipated to be $17.5
million in cash and up to 4.75 million shares of common
stock, with 2.5 million issued at closing and the remainder to be
issued in the future upon the satisfaction of certain performance
milestones. The transaction is expected to close by the end of the
first quarter of 2019, subject to customary closing conditions.
About Bridgepoint Education
Bridgepoint Education,
Inc. (NYSE:BPI) harnesses the latest technology to reimagine the
modern student experience through programs, technologies, and
resources representing a unique model for advancing education in
the 21st century. Bridgepoint stands for greater access, social
learning, and exposure to leading minds. For more information,
visit www.bridgepointeducation.com or
www.facebook.com/BridgepointEducation.
Forward-Looking Statements
This news release may
contain forward-looking statements which are not statements of
historical fact and are subject to the Safe Harbor provisions
created by the Private Securities Litigation Reform Act of 1995,
including, without limitation, statements regarding management's
intentions, hopes, beliefs or expectations. These forward-looking
statements are based on current information and expectations and
are subject to various risks and uncertainties, including our
ability to consummate the acquisition of Fullstack Academy and the
anticipated impact of the acquisition of Fullstack Academy on our
capabilities and our business. Additional information on factors
that could cause actual plans implemented and actual results
achieved to differ materially from those set forth in the
forward-looking statements is included from time to time in the
Company's filings with the Securities and Exchange Commission
(SEC), including, but not limited to, the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC on
March 12, 2019, the Company's
quarterly reports on Form 10-Q and the Company's current reports on
Form 8-K which are available at www.bridgepointeducation.com. You
should not place undue reliance on any forward-looking statements.
Forward-looking statements are made on the basis of management's
good faith beliefs, expectations and assumptions regarding future
events based on information available at the time such statements
are made. Forward-looking statements speak only as of the date they
are made. The Company assumes no obligation to update or revise any
forward-looking statements to reflect actual results or any changes
in assumptions, expectations or other factors affecting such
forward-looking statements, except to the extent required by
applicable securities laws.
Contact: Dori Abel
dori.abel@bpiedu.com
858 668 2586 x11611
View original content to download
multimedia:http://www.prnewswire.com/news-releases/bridgepoint-education-announces-it-has-acquired-fullstack-academy-a-premier-innovative-web-development-school-300811230.html
SOURCE Bridgepoint Education, Inc.
