Veritas-backed software supplier Anthology files for bankruptcy

(Bloomberg) -Anthology Inc., the Veritas Capital-backed education software provider, sought Chapter 11 banking protection in the US for a failed attempt to sell the company or parts of the business outside the court protection. The company applied for Chapter 11 on Tuesday in the US Bankruptcy Court for the Southern District of Texas. Anthology combined with Blackboard Inc., a provider of education technology, supported by Providence Equity Partners, in 2021, at a time when remote education and the technology it powered were in focus because of the Covid-19 pandemic. More recently, the company has seen a decrease in new discussions and higher than expected Customer defenses, Moody’s rating analysts wrote in a report in April. The debt that financed the acquisition, which included approximately $ 1.8 billion in term loans and a $ 140 million credit facility, became uncontrollable for the business as the company pitched and the Federal Reserve raised interest rates. Anthology will sell its business operations, life cycle involvement and student success companies, the firm said in the statement. Ellucian Company LLC is the Stations Horse for the business operations, including Anthology Student, Finance & HCM, student verification, and Enterprise Op Legacy. Encourage, LLC is the Stadings Horse for Life Cycle Involvement, including Antology Comprehensive, Recent, Involvement, Pre -and Student Success Enterprise, added it. Software businesses – long benefit by private Equity for their reliable cash flow and stable businesses – have recently struggled and often collapsed under the weight of the debt used to finance their trade. Higher interest rates have increased the cost of their debt, at the same time that the transition to artificial intelligence has undermined many Legacy Tech businesses’ business models. -With help from Janine Panzer. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP