Blackboard, Formerly Anthology, Emerges Debt-Free and Focused on Enabling Transformational Teaching and Learning
Blackboard to operate on a stand-alone, debt-free basis following completion of recapitalization
Bruce Dahlgren to continue as CEO; Dr. Matthew Pittinsky to re-join as CEO at a future date
Anthology (the “Company”), a leading software as a service (“SaaS”) educational technology provider, announced today that it has successfully emerged from Chapter 11 to finalize its financial restructuring process, completing a comprehensive recapitalization. Rebranded as Blackboard, the Company’s core Teaching & Learning business (comprised of Blackboard LMS, Ally, Illuminate, Evaluate, and Institutional Effectiveness solutions) will operate on a stand-alone, debt-free basis that positions the new Blackboard to focus on transformational teaching and learning.
Blackboard, formerly Anthology, will operate with a renewed focus and commitment to supporting institutions through institutional teaching and learning solutions. The Company has also secured approximately $70 million in new financing, strengthening its capital position and enabling continued investment in strategic growth initiatives.
As Blackboard, the Company will execute a strategy directly informed by client and user input, instilling a commitment to helping institutions navigate the evolving needs of higher education through best in-class teaching and learning solutions. Key priorities include ongoing investment in Blackboard’s learning management system, responsible and practical applications of artificial intelligence, and a continued focus on usability and accessibility. In addition, Blackboard is strengthening its customer support experience through a dedicated coverage model designed to provide proactive guidance, faster response times, and consistent support to customers every step of the way.
Bruce Dahlgren will continue as Chief Executive Officer, leading the Company as it transitions into its next phase, and ensuring continued stability and continuity. Matthew Pittinsky, Ph.D.—co-founder, former CEO and former Executive Chairman of Blackboard—will re-join the Company as Chief Executive Officer at a future date. Dr. Pittinsky co-founded Blackboard in 1997 and helped lead the Company from inception to the most widely adopted environment for teaching and learning, globally. A former tenure-track Assistant Professor of Sociology at Arizona State University, Dr. Pittinsky brings unique experience combining the innovation and academic dimensions of education technology. The Company looks forward to having Dr. Pittinsky re-join Blackboard as Chief Executive Officer upon finalization of his start date.
“Blackboard is entering a bold new future. We’re sharpening our focus, accelerating innovation, and going all in on empowering exceptional teaching and learning experiences,” said Bruce Dahlgren, Chief Executive Officer of Blackboard. “I’m grateful to our team, our customers, and the financial sponsors who believed in Blackboard’s future—their commitment through this process made this moment possible, and we’re just getting started.”
To kick off the new chapter and what lies ahead, Blackboard will host Building Blackboard Together (BbT), the company’s inaugural user conference, which will bring together educators, technologists, and institutional leaders to advance teaching and learning through the effective use of technology. BbT is a forum for shared practice and peer engagement—offering direct access to the teams behind Blackboard LMS, Ally, Illuminate, Evaluate, and Institutional Effectiveness solutions. BbT will take place at the Hilton Anatole Dallas on July 13-15, 2026. Learn more about Building Blackboard Together 2026.
The Company successfully completed the sale of its Enterprise Operations business (comprised of Anthology Student, Finance & HCM, Student Verification, and Enterprise Ops Legacy) to Ellucian Company LLC, as well as the sale of its Lifecycle Engagement business (comprised of Anthology Encompass, Reach, Engage, Advance) and its Student Success business to Encoura LE, LLC.
Additional Information
Bankruptcy Court filings and other information regarding the case can be found at https://cases.stretto.com/Anthology, or by contacting Stretto, Inc., the Company’s noticing and claims agent, at (833) 882-2627 (toll-free) and (949) 617-2255 (international).
Anthology is advised in this matter by Kirkland & Ellis LLP and Haynes and Boone, LLP as legal counsel, FTI Consulting, Inc. as financial and communications advisor, and PJT Partners LP as investment banker. The lenders are advised by Davis Polk & Wardwell LLP as legal counsel to the ad hoc group, Milbank LLP as legal counsel to certain lenders, and Lazard Frères & Co. LLC as investment banker.
About Blackboard
Blackboard delivers the digital environment for transformational teaching and learning. We serve thousands of institutions with the industry's most AI-advanced LMS, Ally for accessibility, and institutional effectiveness solutions that put educators and learners at the center. We're an education company that builds technology. Learn more at blackboard.com.