Students who attend Everest College in Vancouver will notice some welcome changes -- including reduced tuition and more help finding a job -- when the college is under new ownership and moves from for-profit to nonprofit status in January.
The Vancouver campus is among 56 Everest and WyoTech campuses in 17 states that are being acquired from Corinthian Colleges Inc. by nonprofit Zenith Education Group, a new unit of Educational Credit Management Corp. Group Inc. ECMC Group Inc. is a student loan guarantor. The $24 million sale was announced Thursday. Corinthian is based in Santa Ana, Calif.
Spokesmen for both Corinthian Colleges and ECMC Group emphasized that the Vancouver campus would not be closed and students could continue their education without interruption. Most students are in programs that are two years or shorter. Many diploma programs are less than a year.
You wont see significant changes in campus operations when the sale closes, said Kent Jenkins Jr., a Corinthian Colleges spokesman who works in the Washington, DC, office. In the short run, students who are enrolled now will have the same classes, the same faculty, the same schedules. Anyone who is a student now will be able to continue their coursework. The accreditation status is the same. None of that is affected.
ECMC Chief Executive Officer David Hawn said under the new ownership, tuition will be reduced by 20 percent, and students will receive increased help in finding employment.
In addition, the company will offer millions of dollars in institutional grants. None of these students will be forced to take out expensive private loans, said an ECMC spokeswoman in the Washington, DC, office.
The financially troubled Corinthian Colleges Inc. has been seeking a buyer for the schools for several months. During that time, there havent been changes to programs or interruptions of service for students, said Jenkins.
Corinthian is under investigation by the US Department of Justice, the federal Consumer Financial Protection Bureau, and the Securities and Exchange Commission, as well as the Washington state Attorney Generals office.
The current enrollment of 184 students is significantly down from the about 300 the school reported in June.
Any time you have the uncertainty weve had in the last few months, youre going to see some decline in enrollment, Jenkins said.
Everest Colleges Vancouver campus is at 120 NE 136th Ave., Suite 130. The campus offers degree and/or certificate programs in the fields of accounting, administrative assisting, bookkeeping, business administration, medical assisting, medical billing and coding, and paralegal. It was started in Vancouver in 1999 as a massage therapy program and continues to offer massage therapy. The schools tuition ranges from about $15,000 to $40,000 a year with programs between eight months and two years on average.
In addition to the Vancouver campus, the acquisition includes the five other campuses in Washington in Bremerton, Everett, Renton, Seattle and Tacoma. In the Portland metro area, the college has campuses in downtown Portland and in Tigard, Ore.
Orange County-based Corinthian Colleges Inc. said Thursday that it has agreed to sell off 56 campuses for $24 million to a nonprofit entity that collects student loan debt on behalf of the federal government.
The deal between Corinthian and Educational Credit Management Corp., a so-called student loan guaranty agency, represents a large share of Corinthians campuses. In July, Corinthian agreed to sell off 85 campuses and wind down operations at 12 others as part of a settlement with the US Department of Education.
NEW YORK, Nov. 20, 2014 /PRNewswire/ Genpact Limited (NYSE: G), a global leader in designing, transforming, and running intelligent business operations, has hit a new technology milestone with its Systems of Engagement (SOE) advanced technology solutions designed to maximize return on investment (ROI) from clients existing and legacy technology platforms. Genpacts SOE solutions, now operational in more than one hundred Genpact clients, enable adaptability and cost flexibility and accelerate business transformation.
SOEs new IT architecture combines advanced technologies including social, mobile, analytics, and cloud collectively known as SMAC to extend pre-existing client systems and operation processes. They leverage clients existing IT investments and nimbly bring their process operations to best-in-class. Genpacts SOE solutions are unique because they are based on deep experience in running complex, business-critical operations for large enterprises globally, enabling a tight focus on what works and as a result reducing cost, risk, and length of implementation. Every SOE solution delivers the same anytime, anywhere, and any-device convenience to maximize productivity and accelerate time-to-value at a lower cost.
These technology capabilities are particularly timely as companies today are making significant changes in their business and operating models to mitigate risk, reduce costs, gather actionable intelligence, and be more flexible in order to stay competitive. Industry leaders correctly view technology as a critical driver for transformation but often discover that their legacy ERP investments their Systems of Record (SOR) are not designed to support todays need for business flexibility, rapid data integration across multiple sources, and the interpretation of that data for smart and timely decision-making. Legacy SOR systems are hard to evolve and integrate with each other. As a consequence, despite the promise of new technologies, many enterprises data-to-insight-to-action arc is constrained.
The journey of two clients illustrates the advancement of the art of the possible enabled by SOE, and their account receivable (AR) transformation is a good example of how operations can impact positive cash flow, reduce revenue leakage, and sustain client satisfaction.
For Schneider Electric, Genpact implemented a global AR solution catering to the end-to-end process across company departments, enabling collaboration between groups and enhancing visibility into customers behavior for more effective collections.
Nick Dadswell, finance transformation, Treasury and Cash Management for Schneider Electric states, One of the biggest benefits we have now seen is how we are actually using information in the system (SOE) and how we can actually identify where there are upstream issues impacting downstream performance. We can publish reports that are going directly to the CFOs indicating which region, which country, which customer we need to focus on and that sort of visibility is something we have never had beforeWe have seen fantastic accounts receivable numbers and metrics all headed in the right direction.
Genpact has enabled us to implement the transformation of our credit operation, from a fragmented one into a strategic asset to our company, said Joshua Nolan, director of Credit Management, Oldcastle Precast. By implementing the system, we have gained a more robust credit engine that helps drive dispute resolution, credit policy, monitors compliance, delivers a tool for document retention, and identifies potential credit risk opportunities through insightful business intelligence (BI) dashboards.
Genpacts SOE solutions are a thin, cloud based, flexible, and configurable layer complementary to a clients existing legacy IT landscape. They address business needs around efficiency, effectiveness and governance and allow for rapid deployment and scalability without prohibitive upfront capital investments. Genpact configures and delivers SOE solutions to provide a focused and contextually relevant experience to end users. These solutions can be easily personalized to fit clients needs and adjusted as business requirements change. The pay-as-you-go model eliminates traditionally high up-front capital expenditures.
Genpacts SOE can amplify client operations economies of scale because they utilize people and assets more effectively, irrespective of what, who and where they are, said Sanjay Srivastava, senior vice president and business leader, Enterprise Technology Services, Genpact. SOE is like an express elevator that circumvents the 100 floors of technology stair-climbing to get to a flexible, nimble engagement layer that addresses changing needs. However, there are two critical components required to get it right: harnessing advanced technology, and real-world business process depth and thanks to our history, focus, and critical mass, Genpact is able to bring these two together.
Genpact (NYSE: G) stands for generating business impact. We design, transform, and run intelligent business operations including those that are complex and specific to a set of chosen industries. The result is advanced operating models that foster growth and manage cost, risk, and compliance across a range of functions such as finance and procurement, financial services account servicing, claims management, regulatory affairs, and industrial asset optimization. Our Smart Enterprise Processes (SEPSM) proprietary framework integrates effective technology and data-driven insight into the fabric of enterprise processes to help our clients be more competitive.Our hundreds of long-term clients include more than one-fourth of the Fortune Global 500. We have rapidly grown to over 67,000 people in 25 countries with key management and corporate offices in New York City, but our global critical mass doesnt dilute our flexible and collaborative approach and our management team still drives client partnerships personally.Our clients attribute much of our success to our unique history behind our passion for process and operational excellence is the Lean and Six Sigma heritage of a former General Electric division that has served GE businesses for more than 16 years.For more information, visit www.genpact.com.Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
- MarketCast is a preeminent provider of strategic insights and analysis to marketers and researchers in the global entertainment industry
BETHESDA, Maryland, Nov. 20, 2014 /PRNewswire/ -- RLJ Equity Partners, LLC, an affiliate of The RLJ Companies, today announced its acquisition of MarketCast, LLC, a premier provider of strategic insights and analysis to marketers and researchers in the global entertainment industry. RLJ Equity Partners, in alliance with GE Asset Management, acquired MarketCast from Shamrock Capital Advisors, a leading media, communications, and entertainment private equity firm based in Los Angeles.
MarketCast works in collaboration with clients across the entertainment spectrum to test and optimize their content, marketing, and distribution strategies. The company maintains long-standing client relationships with all of the major motion picture studios and production companies, as well as a growing number of broadcast, cable, and OTT programmers and networks. Core services, applied worldwide, include testing of marketing materials and messaging as well as strategic research and advisory services related to market positioning, branding, franchise extensions, and sequel development.
MarketCast is globally recognized as a premier entertainment research firm and todays acquisition by RLJ Equity Partners is an opportunity to invest alongside an experienced team in the growing US entertainment industry, said Robert L. Johnson, founder of Black Entertainment Television (BET) and Chairman of RLJ Equity Partners. With its comprehensive audience engagement expertise and full-scale data analytics, MarketCast is uniquely qualified to provide a valuable service to motion picture studios to help grow their audience attendance and enjoyment, both domestic and foreign.
MarketCast is a leader in its field, with incredibly loyal, blue-chip customers and a tenured team of committed entertainment marketing experts and analysts, said Jerry L. Johnson, Managing Director of RLJ Equity Partners. We are excited to form this strategic alliance with MarketCast management to capitalize on the companys ongoing opportunities for expansion via organic growth and acquisitions.
This is the beginning of an exciting new chapter for MarketCast, said Henry Shapiro, CEO of MarketCast. RLJ Equity Partners, with its vast global network and long-standing experience in the entertainment business, is the perfect partner for us as we continue to invest in new products and services, and in expanding our footprint into new and emerging forms of entertainment distribution and marketing.
Partnering with the MarketCast team to carve out the business and establish it as a standalone entity was an important chapter in the companys history, commented Will Wynperle, Partner at Shamrock Capital Advisors. We feel fortunate to have had the opportunity to work with MarketCast during this critical phase of its growth.
RLJ Equity Partners and GE Asset Management were joined in the transaction by Madison Capital Funding, RLJ Credit Management, LLC, and Brookside Mezzanine. MarketCast was advised by Jordan, Edmiston Group, Inc., a leading independent investment bank for the global media, information, marketing, and technology sectors.