SAN DIEGO, July 27, 2023 - Ascent, a leader in outcomes-based lending and student success, announced today the acquisition of Ampersand, a web-based professional development platform that provides skills, confidence, and training to young professionals as they gain meaningful employment. The strategic acquisition further advances Ascent's vision to be the undisputed leader in driving positive student outcomes. Earlier this month, Ascent made a commitment in the company's first Impact Report to increase students' wages by $10 billion in five years by providing capital and innovative wrap-around support services.
As employers are simultaneously reporting increased dissatisfaction with early career employees, and internship participation is declining over time (from 29.2% in 2018 to 17.6% in 2022), the demand for professional development training and career readiness grows.
"This move strengthens our ability to maximize outcomes by eliminating the education-to-employment skills gap, and further positions Ascent as a leader in student success focused on driving positive outcomes" said Co-Founder and Chief Executive Officer of Ascent Ken Ruggiero. "Ampersand's custom tools and learning modules will continue to optimize the journey for our customers from classroom to career as they build confidence, secure jobs with livable salaries, and become successful members of the workforce."
Through the transaction, Ascent will acquire Ampersand's technology including a library of high-quality, asynchronous professional development training lessons geared toward early career professionals. The content, delivered through videos, checklists, and templates, is actionable and easily digestible and includes lessons like "How to Send a Calendar Invite" and "How to Connect with Your New Boss on Day 1." These resources add to Ascent's existing digital and coaching services offered to college loan borrowers through its Success Program. Allie Danziger, who co-founded Ampersand, joins Ascent as Senior Vice President and General Manager of Student Success to lead Ascent's comprehensive and personalized learning program that builds skills from education to employment.
"Since launching Ampersand in 2020, we've received constant praise from employers, students, and universities on the real education-to-employment skills gap we are filling," said Danziger. "I take immense pride in the fact that we've helped thousands of students enter the workforce with confidence, earn higher salaries, and get set on the right career path. I know joining the Ascent team will unlock even more opportunities for our combined companies, expanding our collective impact to millions of students and job seekers."
In celebration of the acquisition, and in honor of National Intern Day, Ascent launched a $1,000 scholarship giveaway. To see the official rules and apply, click here.
About Ascent
Ascent is the leading provider of innovative financial products and student support services that enable more students to access education and achieve academic and economic success. Everything Ascent offers is designed with the best-in-class teams and technology to increase every student's ability to plan, pay, and succeed. For more information, visit www.ascentfunding.com.
SOURCE Ascent Funding
