We are delighted to announce that the Competition and Markets Authority [CMA] has unconditionally approved Education Software Solutions' [ESS] merger with ParentPay.
ESS, the leading provider of educational software in the UK whose databases are used in more than 19,000 schools, will become part of the ParentPay Group once the merger is completed. ParentPay is the leading provider of payments systems to the education market in the UK, the Netherlands and Germany, with over 18,000 customers.
ESS was acquired by Montagu from Capita at the beginning of this year, with the intention of merging the business with ParentPay once the CMA had given its approval. Following the merger, Montagu will become an investment partner in the enlarged ParentPay Group.
Mark Brant, CEO of ParentPay, said: "We are very pleased to be able to welcome the ESS team into the ParentPay family. This is excellent news for customers, colleagues and shareholders. Both companies are well known and established ed-tech businesses with highly complementary products, people and values. Both companies are customer-focused and share a belief that educational technology can deliver efficiency gains for customers, allowing them to help improve educational outcomes for students. The combined group is the leading ed-tech company in the UK and is committed to accelerating innovation in our sector."
Andy Bennett, CEO of ESS, said: "This is incredibly welcome news. We are delighted to be joining the ParentPay Group, which has a strong record of growth and a renowned ability to deliver long term value for its customers. This merger means customers can now look forward to the accelerated development of products and services."
Edward Shuckburgh, Director at Montagu, said: "This merger is a key step in delivering Montagu and ParentPay's vision for ESS and we're delighted that the CMA has given its approval. It brings together two businesses with complementary products and shared values, which will result in enhanced services and solutions for the customers of both."