ParentPay Limited, the UK's leading provider of school payment services, and Schoolcomms, a leader in parental engagement software for schools, have today announced that they have merged to create the UK's leading provider of integrated parent payment and engagement services for schools.
Together, ParentPay and Schoolcomms employ more than 170 people serving over 8,000 schools in more than 190 Local Authorities across the UK. Jointly, they will provide services to more than 3 million parents and the group will be unrivalled in the breadth of product offering and the depth of its experience.
Under the terms of the agreement, ParentPay Limited has acquired 100% of the issued share capital in Isuz Limited, the provider of the Schoolcomms products and services. The Boards of Directors and shareholders of both companies have unanimously approved the transaction, which was signed on 20th January 2017. The companies' existing offices in Coventry, Bude, Worthing, and Bridgwater will be maintained.
The merger of ParentPay and Schoolcomms brings together two leading lights in the provision of web and mobile delivered payment and engagement services for schools and parents; ParentPay was a pioneer in developing electronic payments for schools, making collecting monies for school items quicker, safer and more efficient for parents. Schoolcomms provides parents with a broad spectrum of products including a Parent App and messaging platform, allowing them to engage more closely and easily in their children's education.
Commenting on the deal, Clint Wilson, Chief Executive of ParentPay said, "Creating greater value for schools and supporting parents is at the heart of both businesses and we are excited about working with the team at Schoolcomms, whose talent and achievements we admire. Our complementary products and focus on service excellence allows us to create the leading provider of parental payment and engagement services for schools and families in the UK."
"The deal will allow both companies to achieve more together. We expect to create greater value for our customers in both the near and long-term, who will benefit from better economies of scale, increased investment in new products and features, and broader expertise in delivering services to schools and parents."
Tim Perkin, Managing Director of Schoolcomms, added, "We have long respected ParentPay for occupying a leading position in the school payments market and its strong track record of growth. Our primary objective remains delivering market-leading innovative products to customers with excellent user experience and exceptional customer service."
"Together, we will have unrivalled insight into schools' and parents' requirements and our combined R&D investment will be significant. The rich experience of our combined teams will ensure we can offer the most comprehensive suite of products and services in the market."
Schoolcomms Founder, Dave Gove, who is stepping down from his role as Chairman following the deal, commented, "Building a business with great products and great people takes immense effort and a long-term commitment. I'm proud to have achieved what I have with Schoolcomms, and pass on the reins to ParentPay, safe in the knowledge they share my principles for doing the right thing, and share my ambition for success in this market. ParentPay with Schoolcomms is a winning combination".
Mr. Wilson concluded, "Importantly, beyond the obvious synergies, both companies are well-aligned from a perspective of culture, talent and business ethos, which will underpin close collaboration, allowing us to quickly realise the benefits for our schools, parents and staff."
ParentPay is the market leading online payment service for schools and families. It provides online payments, income management and dinner money administration for schools, local authorities and caterers.
ParentPay's school online payment and communication system helps over 5,000 schools save administration time and reduce costs, enabling over 2 million parents to pay schools quickly and securely, keeping children safer.
Established in 2003, Schoolcomms are leaders in parental engagement technology supplying email, text, online payment and reporting software to schools. Schoolcomms improves communication with parents and saves schools time and money. Based in Cornwall, the business works with 2,800 schools across the UK and employs over 50 people including a team of developers.