• Class Technologies, the developer of Class, a software that integrates exclusively with Zoom, acquired Collaborate, Blackboard’s virtual class tool, for USD 210 million. Notably, Class Technologies Co-Founder Michael Chasen was Blackboard’s co-founder in 1997. The acquisition is expected to close in Q2 2022.

• The integration of Blackboard’s collaborative virtual video solution is expected to strengthen Class’ suite of products. Upon closing the deal, Blackboard Collaborate will be renamed Class Collaborate, and 50+ employees would join the company.  

• The funding was reportedly a mix of debt and equity from investors, including SoftBank Vision Fund 2, Insight Partners, Salesforce Ventures, Owl Ventures, and Emergence Capital.

• Last year, in October 2021, Blackboard merged with Anthology, a provider of higher educational software solutions, to create an end-to-end EdTech ecosystem. The platform features a learning management system, collaboration and web-conferencing tools, accessible and universal formats for learning, and analytics and reporting. The combined entity currently serves more than 150 million users across 80 countries.

<ul><li> Analyst QuickTake: In July 2021, Class Technologies raised USD 105 million in Series B funding led by SoftBank's Vision Fund 2, bringing its post-money valuation to ~USD 804 million. The funds were allocated for domestic growth and expansion into new global markets. The company reportedly raised much higher funding to acquire Blackboard Collaborate compared to its fundraise last year, which may indicate that Class Technologies could potentially be nearing a unicorn valuation of USD 1 billion.</ul>