SCOTTSDALE, AZ--(Marketwire - Feb 12, 2013) - Parchment, the leader in e-Transcript exchange, ended 2012 with a milestone year in the adoption of e-Transcripts.
Parchment members exchanged a record 1.5 million transcripts through Parchment's services in the fourth quarter, bringing the total number exchanged in 2012 to nearly 2.8 million, which represents 75% growth over 2011. Since inception, Parchment's services have delivered more than 8 million transcripts to universities, associations, employers, state licensing boards and other receivers of transcript data.
A total of 480 schools and universities joined the Parchment e-Transcript network in the fourth quarter, with a total of 1,688 academic institutions joining in calendar year 2012. Parchment ended 2012 with 7,281 member institutions. Additionally, 2,688 non-member (authenticated) high schools or colleges delivered transcripts to Parchment members in 2012.
Parchment's growth reflects the accelerated pace of e-Transcript adoption by schools and universities in the United States. The benefits of e-Transcripts include savings from reduced paper processing, increased operational efficiency from automation and electronic workflows, improved student service, and increased credential security.
Commenting on a recent report on e-Transcripts by Eduventures, Rusty Hartley, principal analyst at Eduventures, noted that while "...there are multiple reasons for schools to adopt electronic transcript exchange technology, the benefits extend throughout the educational value chain and far surpass simple cost savings."
Among the colleges, universities and state education boards adopting Parchment's services in Q4 are: Delaware County Community College, New Mexico State University, Temple University, Columbia College Chicago, and the Illinois State Board of Education.
"The decision to implement an e-Transcript solution was simple because it's a win for everybody involved in the transcript exchange process," said Columbia College Chicago Registrar Marvin Cohen. "Students benefit from the convenience of sending e-Transcripts, and our Records office benefits from a streamlined process, increased efficiency, and reduced postage and paper costs. We chose Parchment based on recommendations and what we were seeing at other colleges."
New high school members include Oxnard Union High School District in Oxnard, Calif.; San Bernardino City Unified School District in San Bernardino, Calif.; and Florida Virtual School, which served more than 148,000 students in the 2011-12 school year.
"We were looking for a solution to provide our students with quicker, more accurate service that streamlines the transcript exchange process, and that's exactly what Parchment delivers," said Melissa Ostrowski, counseling department coordinator at Penn Manor High School in Millersville, Pa. "Students, parents and counselors can now view the confirmation process online, rather than constantly following-up to see if a transcript has been received. Implementing Parchment removed six steps from our former process."
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.