In addition to record membership and volume, Parchment achieved several notable corporate milestones in 2012:
•Raised $29.5 million across two venture funding rounds, providing unparalleled resources in the e-Transcript market for investments in innovation and member services. •Acquired Avow Systems, merging the Avow ADDS platform with Docufide to create the largest electronic transcript network. •Expanded its executive leadership team with the addition of Robert Colletti as Chief Financial Officer (previously CFO of Learn.com and Eclipsys), Rajeev Arora as Vice President of Marketing and Jeff Dinski as Vice President of Business Development. •Welcomed three new members to its Board of Directors: Josh Lewis (current/prior Board experience includes Cappela University and Pearson PLC), Ted Mitchell (current/prior Board experience includes Khan Academy, Leapfrog, and New Leaders for New Schools), and Jeff Sine (current/prior Board experience includes the Board of Trustees of ITHAKA, a non-profit education and research institution, the USC Annenberg School of Communication / Law Center Joint Venture, and Chair of the Board of Trustees of American University). •Renewed its pioneering partnership with Hobsons, provider of Naviance, to deliver e-Transcript services to thousands of secondary schools that use Naviance eDocs as part of the Naviance college-and career-readiness platform. •Launched new analytics tools that provide "just-in-time" intelligence on valuable transcript exchange metrics. •Established integration with eTranscript California, a statewide exchange supporting e-Transcript delivery across all of the state's postsecondary systems.
"Tens of millions of transcripts are sent each year by academic institutions in the United States," explained Parchment CEO Matthew Pittinsky, Ph.D. "The vast majority of them are printed, mailed, opened, often scanned and keypunched, consuming valuable resources in education and adding friction to the mobility of learners across the system."
"Parchment's performance in 2012 demonstrates that schools and universities are accelerating their adoption of e-Transcripts, opening all sorts of doors for putting academic credentials to work," added Pittinsky. "We sincerely appreciate the confidence our new academic members have placed in us as a trusted intermediary."
Parchment is the leader in electronic transcript (e-Transcript) exchange, allowing learners and institutions to collect, promote and share their education credentials in simple and secure ways. More than 7,200 active member high schools and postsecondary institutions and seven statewide initiatives have exchanged more than 8 million transcripts using the Docufide by Parchment and Avow by Parchment SaaS platforms. Founded in 2003, Parchment Inc. is a venture-backed company headquartered in Scottsdale, Ariz., with offices in Roseville, Calif., Denver, CO and Washington, D.C.
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