MINNEAPOLIS--(BUSINESS WIRE)--Capella Education Company (NASDAQ: CPLA) today announced that Hackbright Academy, the leading non-degree software engineering school for women, has become a wholly-owned, subsidiary of the Capella Education Company. The transaction was closed on April 22, 2016 for a purchase price of $18 million paid in cash at closing. Hackbright’s mission to increase female representation in the tech workforce through education, mentorship and community is a strategic fit with Capella’s focus on providing the most direct path between learning and employment, and Capella’s historic base of largely female students. Hackbright Academy will operate as a wholly owned subsidiary of Capella and maintain its current headquarters and management team based in San Francisco.
“The future of learning and employment will be shaped by institutions that can upskill under-represented populations in high-demand skill areas. This is what makes the combination of Capella and Hackbright Academy so exciting,” Kevin Gilligan, Capella Education Company chairman and chief executive officer said. “Capella has a heritage as an innovator for those poorly served by traditional education; Hackbright Academy is on the leading edge of innovation and support for women pursuing career advancement in software engineering. Hackbright’s mission alignment, strategic fit, and growth potential make this partnership an important element of Capella’s future.”
“From my first meeting with Capella, it was clear that they share our values and want to ensure Hackbright has what it needs to succeed and grow,” said Sharon Wienbar, Hackbright Academy’s chief executive officer. “There will be over 1 million unfilled software engineering jobs in the U.S. by 2020, and Hackbright is committed to its mission to changing the ratio of women software engineers in these positions. Combining with Capella will give us the resources to grow to serve our students and partners. I’m thrilled to bring our whole team along on this mission, and to be able to grow our influence in the technology community.”
"We founded Hackbright after seeing how few women had the opportunity to advance their careers in the first code schools, which were heavily male,” said David Phillips, co-founder and chairman of Hackbright. “We are excited that with Capella, we can now accelerate the fulfillment of our mission to #changetheratio."
Key Facts about Hackbright Academy
- Founded in 2012 by David Phillips and colleagues
- Hackbright Academy offers immersive, in-person programs headquartered in San Francisco
- Hackbright teaches women computer science fundamentals, professional software development skills, and helps its graduates secure desirable software engineering jobs
For graduates of the Fellowship program, an immersive in-person 12-week software engineering program, seeking employment between June 2012 and April 2014:
- 90% of Hackbright’s graduates of the Fellowship program seeking employment get tech jobs
- 84% of Hackbright alumnae who receive job offers get their first job offer within 3 months of completing the engineering Fellowship
- The average starting salary for graduates with full-time roles was $89,000
In addition to graduating software engineers, Hackbright Academy
alumnae have started new careers as:
Software Engineers in Test / Quality Engineers
Key Facts About Capella
University, the flagship of Capella Education Company, offers
competency-based degree programs for working adults, primarily in
- Over 75% of Capella University’s learner population is female
- About half of its learner population is learners of color
- Capella Learning Solutions focuses on providing job-ready 21st century skills, including through an innovative partnership with CareerBuilder® called RightSkillSM
- Sophia Learning is an online teaching and learning platform which offers low-cost pathways to general education college credits
Certain information in this news release does not relate to historical financial information, including statements relating to future prospects and expectations regarding our growth, revenues, enrollment, and operating performance, and should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions investors not to place undue reliance on any such forward-looking statements, which are based on information available at the time those statements are made or management's good faith belief as of that time with regard to future events, and should not be read as a guarantee of future performance or results. Such statements are subject to risks and uncertainties which could cause the company's actual results to differ materially from historical results and from results presently anticipated or projected. The company undertakes no obligation to update its forward-looking statements.
Among these risks and uncertainties are successfully integrating Hackbright’s personnel, systems and business; keeping up with advances and trends in software engineering desired by employers; any failure to materially comply with the extensive regulatory framework applicable to us; any governmental review of our business, marketing, or financial aid practices, including by any state attorneys general, the federal Consumer Financial Protection Bureau, or other state regulatory bodies; effectively managing data security risks; and managing risks associated with the overall competitive environment and general economic conditions.
Other factors that could cause our results to differ materially from those contained in its forward-looking statements include those described in the “Risk Factors” section of our most recent Annual Report on Form 10-K on file with the Securities and Exchange Commission (SEC), and any updates or developments described in our Quarterly Reports on Form 10-Q and other documents the company files with the SEC.
About Capella Education Company
Founded in 1991, Capella Education Company (http://www.capellaeducation.com) is a leading education provider, primarily through our wholly owned subsidiary Capella University (http://www.capella.edu), a regionally accredited* online university with approximately 37,000 learners as of Dec. 31, 2015. Capella Education Company also owns Sophia (http://www.sophia.org), an innovative learning platform leveraging technology to support self-paced learning and Capella Learning Solutions (CLS) which provides online non-degree, high-demand, job-ready skills, training solutions and services to individuals and corporate partners.
*Capella University is accredited by The Higher Learning Commission.
Hackbright is the leading software engineering school for women with a mission to increase female representation in tech through education, mentorship and community. Its flagship fellowship is a 12-week accelerated software development program where women learn the skills to become full-time software engineers. Alumnae are represented in companies such as Facebook, Intuit, Slack, Eventbrite and New Relic.