EVERFI Sells-Off Higher Education Business; Loses 40% of Customers in 4 Years
On Tuesday, July 20, 2021, EVERFI announced the sale of its Higher Education training division, including its 1,000 customers, to private equity-owned Vector Solutions, completing the largest consolidation of online compliance and prevention training to date.
This announcement comes almost five years to the day since EVERFI announced its acquisition of LawRoom/CampusClarity, and 4 years since it acquired Workplace Answers/Campus Answers. EVERFI’s own efforts to consolidate the Higher Ed market were largely unsuccessful-- as it lost 40% of its customers over the last 4 years.
In total, Vector Solutions will now serve over 2,200 Higher Ed institutions.
What does this mean for EVERFI customers?
The full impact is not yet known. EVERFI did recently complete a migration of its Higher Ed customers to its Foundry LMS platform. What’s not clear from the press release is whether Foundry was included in the acquisition. If it was not included, it is likely that the 1,000 customers that recently completed a migration will be forced to switch to a Vector Solutions owned LMS.
Will this acquisition be a net positive or net negative for the online training industry?
The Higher Ed community will make that determination in the months to come. What we do know is this: EVERFI’s attempt to consolidate did not result in an improved product or customer experience, as evidenced in its dramatic loss of customers. Whether Vector Solutions, which has completed 13 acquisitions in the last 4 years, takes a different approach to consolidation will remain to be seen.
What does this mean for Get Inclusive?
For current Get Inclusive customers, we hope this comes as some additional validation that you selected the right vendor. And we will continue to invest heavily in new content, platform features and customer service. (If you have questions, email us: firstname.lastname@example.org).
Get Inclusive is now the second largest provider of online compliance and prevention training in Higher Ed, serving over 250 colleges and universities.
We do expect this latest consolidation to have a dramatic impact on our business.
We’re setting the goal to migrate 250 current EVERFI customers over to Get Inclusive in the next 12-months (or 25% of the 1,000 impacted by the acquisition).
Why are we so confident in this result?
Both Vector Solutions and EVERFI continue to lose to Get Inclusive in both major RFPs and independent evaluations. This has occurred despite the dramatic disparity in resources between these two private equity owned giants and employee owned Get Inclusive.
Over the last 12-months, over 100 colleges and universities have switched to Get Inclusive including:
- Stanford University
- University of Florida
- Oregon State University
- Nova Southeastern
- University of Idaho
- University of Arkansas
- Lehigh University
- Loyola Marymount University
- Loyola University of Chicago
- Seattle University
- National University System
- University of Maine System
- Technical College System of Georgia
- University System of Utah
- Austin Community College System
How is Get Inclusive able to compete and win against these larger vendors?
In short, focus and commitment. We build training content and LMS features exclusively for the Higher Ed community. Our customers will be the first to tell you that this is the difference with Get Inclusive. (Check out supporting Case Studies here and here).
Conversely, the Higher Ed business for both EVERFI and Vector Solutions has represented a small fraction of their overall revenue— and an even smaller fraction of its potential revenue. Higher Ed compliance and prevention training is a small market and the average contract size is relatively small compared to the six and seven figure contracts that can be found serving the very large corporate market.
How will Get Inclusive support EVERFI customers?
Get Inclusive is extending our EVERFI Buyout Program through March 2022, and offering additional incentives for any institutions that switch to Get Inclusive before October, 2021. For questions, email us at email@example.com.
To read more about the EVERFI Buyout Program, follow this link.
To request a demo or pricing information, follow this link: getinclusive.com/demo.
About Get Inclusive
Get Inclusive was established in 2014 to help organizations deliver innovative and customizable prevention and compliance programs at scale. Today we serve over 250 colleges and universities across the country.
The Get Inclusive team is a rare blend of content creators and technologists. We have won industry awards for our work in prevention and compliance training, and have delivered the automation, integration and data visualization features that enable large campuses to effectively deploy and measure wide-scale training programs.