Anthology Announces Confirmation of Chapter 11 Plan, Strengthening Go-Forward Position of Teaching & Learning Business and Advancing Strategic Divestitures

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BOCA RATON, Fla.--(BUSINESS WIRE)--Jan 23, 2026--

Anthology (the “Company”), a leading software as a service (“SaaS”) educational technology provider, today announced that the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”) has confirmed the Company’s Chapter 11 Plan (the “Plan”)—putting Anthology on track to successfully emerge from Chapter 11 in the coming weeks.

Anthology has a clear path forward in implementing the final steps of its restructuring and strategic transformation and emerging as a stronger organization. Through the restructuring process, the Company has sharpened its focus on its core Teaching & Learning business (comprised of Blackboard, Ally, Illuminate, and Institutional Effectiveness), positioning it to be rebranded on a stand-alone, debt-free basis as Blackboard upon emergence to better support customers and deliver exceptional outcomes for students.

As previously announced and as part of this transformation, the Company has successfully closed the sale of its Enterprise Operations business (comprised of Anthology Student, Finance & HCM, Student Verification, and Enterprise Ops Legacy) to Ellucian Company LLC (“Ellucian”) and expects to close the sale of the Lifecycle Engagement business (comprised of Anthology Encompass, Reach, Engage, Advance) and the Student Success business to Encoura LLC (“Encoura”) at the end of the month, subject to customary closing conditions.

“Through this process, we took thoughtful steps to strengthen our business and unlock the value of our solutions,” said Bruce Dahlgren, Chief Executive Officer at Anthology. “I’m deeply grateful to our talented team for their focus and resilience, as well as our supporting lenders for their confidence and continued support in our business. We look forward to continuing our focus of maintaining the highest quality of service, reliability, and value for our customers. I am confident that our teammates transitioning to Ellucian and Encoura will continue to thrive and wish them nothing but the best in this next chapter.”

Anthology has continued to meet its obligations to stakeholders and remains focused on continuity and expects to complete the remaining steps of the restructuring process in the coming weeks.

Additional Information

Additional information about Anthology’s sale and restructuring process is available at https://connect.anthology.com/anthologyrestructuring.com. 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 ad hoc lender group is advised by Davis Polk & Wardwell LLP as legal counsel and Lazard Frères & Co. LLC as financial advisor.

About Anthology
Anthology delivers education and technology solutions so that students can reach their full potential and learning institutions thrive. Millions of students around the world are supported throughout their education journey via Anthology’s flagship SaaS products and supporting services, including the award-winning Blackboard® (LMS), and the digital accessibility tool, Anthology Ally. Anthology uniquely inspires educators and institutions with innovation that is meaningful, simple, and intelligent to help customers redefine what’s possible and create life-changing opportunities for people everywhere. www.anthology.com.

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CONTACT: Media InquiriesAnthology Press

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KEYWORD: FLORIDA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES SOFTWARE OTHER EDUCATION PROFESSIONAL SERVICES TECHNOLOGY PRIMARY/SECONDARY EDUCATION OTHER TECHNOLOGY

SOURCE: Anthology

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PUB: 01/23/2026 01:03 PM/DISC: 01/23/2026 01:03 PM

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