Parchment Inc. today announces the acquisition of Avow Systems, Inc., merging two of the leading electronic transcript (e-Transcript) platforms – Docufide® serving 30 percent of U.S. secondary schools and Avow Systems serving nearly 100 top postsecondary institutions, including Stanford University, the Pennsylvania State University and the University of Colorado systems. On a combined basis, Parchment is the largest focused e-Transcript provider, with more than 9,000 high schools and colleges in its network, 6 million transactions completed, 115 employees, and $6 million annual investment in research and development.
"Electronic transcripts are part of the Parchment DNA, and Avow shares that passion," said Parchment CEO Matthew Pittinsky, Ph.D. "Avow's focus on Secure PDF transcript technology and Parchment's focus on the creation of a global e-Transcript exchange network will combine to create an unparalleled capacity to innovate in this dynamic, emerging market."
"Avow Systems' clients have asked for a more streamlined approach to delivering e-Transcripts to other institutions and corporations. The Parchment receiver network now gives us that ability, in turn providing better and more efficient services to students, alumni, and institutions," said Avow Systems General Manager Ron Hyman. "With Parchment, we now have the full solution."
Parchment has traditionally served the K-12 market, and now more than 30 percent of the secondary school market has standardized on delivering transcripts through the Docufide by Parchment™ network, which recently surpassed 4 million transcripts exchanged securely. Avow Systems has traditionally focused on the secure exchange of high-stakes electronic documents among higher education institutions and recently passed the 2 million transcript mark. With the merger, Parchment now services all the key segment leaders in higher education, including seven of the 11 "Ivy Plus" institutions, more than 80 of the largest four-year universities, and hundreds of community and career colleges, including University of Chicago, Massachusetts Institute of Technology, and University of Southern California.
"Both Docufide and Avow customers can rest assured knowing we'll continue to run both platforms for the near future with no disruption of service," said Pittinsky. "We'll work closely with the Parchment Advisory Board and the Avow Systems Advisory Council to chart a strategy that creates the best K-20 e-Transcript exchange network."