Zovio Announces Agreement to Divide OPM Business into the University of Arizona Global Campus

Chandler, Ariz., August 1, 2022 /PRNewswire/ — Zovio (Nasdaq: ZVO), an education technology services company that partners with higher education institutions and employers, announced today that it has announced an agreement to move its online program management (OPM) business. The agreement is closed. University of Arizona Global Campus (UAGC).

Over the past six months, Xovio has taken steps to implement a process designed to unlock shareholder value by granting rights to the company, accelerating the growth of subsidiaries, and exploring strategic alternatives, including access to all three of its businesses. potential disinvestment.

In May 2022Zovio completes TutorMe sale $55 million and used a portion of the proceeds to pay off Bridge Financing. This freed the company from debt and allowed Zovio to meet obligations stemming from the Superior Court’s decision. california While the company appeals the decision.

Continuing to execute on their strategic options process, Zovio and UAGC negotiated, signed and closed an asset purchase agreement with an effective date 31 July 2022, after obtaining approval from their respective Board of Directors. Under the asset purchase agreement, UAGC is acquiring the operations and assets of Zovio that previously provided services to UAGC through a long-term strategic service agreement.

“Zovio has been at the forefront of providing innovative online learning products and services for nearly two decades,” said Zovio CEO, Randy Hendrix Told. “We are pleased to have reached this agreement with UAGC and look forward to their future,” concluded Hendrix.

Xovio will continue to support the continued growth and expansion of Fullstack Academy as well as explore strategic options for that business.

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Zovio. about
Xovio (Nasdaq: ZVO) is an education technology services company that partners with higher education institutions and employers to deliver innovative, personalized solutions to help learners and leaders achieve their aspirations. The Zovio Network, including Fullstack Academy, leverages its core strengths to address priority market needs through education technology services. Using proprietary advanced data analytics, Xovio identifies the most meaningful ways to enhance the learner experience and deliver strong results for higher education institutions, employers and learners. Zovio aims to help everyone stay in their class. For more information visit www.zovio.com.

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source jovio