Anthology Bankruptcy: What Blackboard’s Future Means for U.S. Higher Education
- Jeff Dillon
- Oct 1
- 3 min read
Updated: Oct 4
The Breaking Point for One of Higher Ed’s Biggest Tech Players
Anthology, the parent company of Blackboard, filed for Chapter 11 bankruptcy in September 2025 after struggling under billions in debt. The plan is to recapitalize around Blackboard’s teaching and learning platform, while selling off its SIS/ERP and CRM/Student Success units to competitors like Ellucian and Encoura.
The move follows months of speculation and signals a turning point for universities that depend on Anthology for core academic and administrative systems. This isn’t just another corporate shake-up. It’s a moment that could redefine how higher education approaches digital infrastructure.
How Anthology Reached Bankruptcy
When private equity firm Veritas Capital merged Blackboard and Anthology in 2021, the goal was to create an all-in-one higher ed platform. By 2025, the dream had become unsustainable.
Massive debt from acquisitions and integrations strained cash flow.
Failed sale attempts pushed the company into court protection.
Creditors Oaktree and Nexus Capital took control, steering the restructuring process
It’s a familiar story in EdTech: private equity drives expansion, then distressed-debt investors dictate the breakup. The difference here is the scale. Blackboard touches tens of millions of learners worldwide.
What This Means for U.S. Colleges and Universities
1. Blackboard Will Survive, but Its Mission May Shift
Blackboard will continue operations, but new ownership means new priorities. Oaktree and Nexus are financial investors, not education specialists. Their focus will be on profitability and market consolidation rather than pedagogy or open innovation.
2. SIS and CRM Customers Face Contract Turbulence
Ellucian is expected to acquire Anthology’s SIS and ERP systems, while Encoura is set to buy CRM and Student Success solutions. Institutions may face contract rewrites, integration issues, or migration costs if terms change under new ownership.
3. Vendor Consolidation Accelerates
Ellucian’s acquisition expands its control of student systems, reducing market diversity. Fewer players could mean higher prices and less flexibility for colleges looking to customize tech stacks. For CIOs and procurement leaders, it’s time to re-evaluate vendor dependence.
Strategic Implications for Campus Leaders
The Anthology bankruptcy highlights a deeper challenge: universities are tethered to the financial health of private vendors. Most IT leaders monitor uptime and data security. Few monitor balance sheets.
Governance: Expect boards to demand formal vendor-risk reviews as part of digital strategy.
Diversification: Institutions may shift toward modular, API-driven systems to reduce reliance on any one vendor.
Procurement agility: Multi-year contracts could give way to shorter, flexible terms tied to vendor performance.
Predictions: The Next Phase of Higher Ed Technology (2026 and Beyond)
Platform Fragmentation - Colleges will increasingly mix and match learning tools, LMS, SIS, advising platforms—based on function, not vendor branding.
Emergence of Niche Startups - As large vendors consolidate, new AI-driven EdTech companies will fill the gaps with lighter, more adaptive tools for advising, retention, and engagement.
Renewed Focus on Digital Resilience - Institutions will treat technology procurement like risk management, not just IT acquisition.
Opportunity for Blackboard to Rebuild - With its debt erased, Blackboard could refocus on teaching and learning innovation if it avoids the pitfalls of short-term investor control.
A Reset Moment for Higher Ed Technology
This bankruptcy could become an inflection point. For colleges and universities, it’s a chance to step back and rethink how technology partnerships are structured. For Blackboard, it’s an opportunity to return to its roots, supporting teaching and learning, without the weight of debt dictating direction.
If campuses treat this moment as a signal to improve digital governance, vendor oversight, and long-term planning, they can emerge stronger, with systems that are both more stable and more student-centered.
Key Takeaways
Q: Will Blackboard survive the Anthology bankruptcy? Yes. Blackboard remains the core of the reorganized company under new investors.
Q: Who will acquire Anthology’s other systems? Ellucian is expected to acquire SIS and ERP assets, while Encoura may purchase CRM and Student Success platforms.
Q: How should universities respond? Audit vendor dependencies, track contract timelines, and consider diversification to reduce risk exposure.
Sources
Phil Hill, On EdTech Newsletter, “Anthology Declares Bankruptcy, Blackboard to Remain as the Core” (September 30, 2025) https://onedtech.philhillaa.com/p/anthology-declares-bankruptcy-blackboard-to-remain-as-the-core
Bloomberg, “Veritas-Backed Education Software Provider Anthology Files for Bankruptcy” (September 30, 2025) https://www.bloomberg.com/news/articles/2025-09-30/veritas-backed-software-provider-anthology-files-for-bankruptcy
Anthology Restructuring FAQ https://connect.anthology.com/anthologyrestructuring.com
U.S. Bankruptcy Court Filings (Southern District of Texas) via Stretto https://cases.stretto.com/Anthology