Taskstream and Tk20 Announce Merger to Form Largest Assessment Management Solutions Provider for Colleges and Universities
NEW YORK and AUSTIN, Texas, March 20, 2017 /PRNewswire/ -- Taskstream and Tk20 today announced a definitive merger agreement, bringing together two leading providers of assessment management solutions for higher education to help colleges and universities measure, analyze and report learning data to improve student and institutional outcomes.
Kevin Michielsen, Taskstream's CEO, will serve as the CEO of the new combined organization, which will be called Taskstream-Tk20. Former Tk20 President, Bhupi Bhasin, will take on the role of Chief Product Officer and Executive Vice President of International Operations.
"It is an exciting time for Taskstream, Tk20, and our partner institutions," said CEO Kevin Michielsen. "With this merger, we will be better able to serve our partners, support our employees, and achieve our shared mission to help more institutions engage in meaningful assessment practices and help more students achieve their educational goals."
Taskstream has been providing cloud-based solutions for assessment, accreditation, and e-portfolios in higher education since its founding in 2000. In 2014, the company announced its selection as the technology partner to the Multi-State Collaborative to Advance Quality Student Learning, in partnership with the Association of American Colleges and Universities (AAC&U) and the State Higher Education Executive Officers Association (SHEEO).
Founded in 2003, Tk20 has similarly focused on providing comprehensive solutions for higher education assessment and accreditation. Based in Austin, TX, with operations in India, the company has successfully grown its use base and demonstrated continued innovation of its products. The company released its latest version of the software, called Graphite, earlier this year.
"I have been quoted as saying that we believe partnerships go much further and do much more than a product can on its own," said Tk20 President and Co-Founder, Bhupi Bhasin. "I believe that we have found an ideal partner in Taskstream to advance our shared mission to help institutions improve. We also share similar visions for the future, and values on which we have built two highly successful companies. I am excited about what we will be able to accomplish together."
Collectively, the new company supports nearly 1,000 institutions of higher education throughout North America, as well as institutions located internationally. Both companies are praised by their user communities for their level of commitment, appreciation of their users' needs, and the quality of the support they offer. Together, more than 200 employees will be dedicated to serving this growing user community with innovative solutions and world-class support services.
"We are very excited to be able to support Taskstream's growth strategy and mission," said James Tieng, Taskstream board member and a principal at Quad Partners. "We are confident that this merger will result in greater innovation for the higher education technology market."
With this merger, Taskstream-Tk20 remains focused on its mission to promote meaningful assessment practices, support student progress, and empower colleges and universities with better ways to measure, demonstrate, and analyze performance to inform improvements at all levels.
Kramer Levin Naftalis & Frankel LLP provided legal advice to Taskstream and Webster Bank provided financing for the transaction. SunTrust Robinson Humphrey, Inc. acted as exclusive financial adviser to Tk20 and Kastner Huggins Reddien Gravelle LLP served as legal counsel.
Taskstream partners with institutions of higher education and national associations to improve student learning and institutional quality with proven, reliable, and user-friendly assessment management and e-portfolio solutions and supporting services. For more information, visit www.taskstream.com.
Tk20 simplifies assessment and streamlines accreditation with one comprehensive solution that's easy to use and tailored to fit each institution. Known for our collaborative approach and service excellence for the life of every partnership, Tk20 offers colleges and universities a better way forward. www.tk20.com
Contact: Courtney Peagler
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