Blackboard Announces CEO Transition
Michael Chasen Steps Down as Blackboard CEO
Jay Bhatt, CEO of Progress Software, Tapped to Lead Company
WASHINGTON, Oct. 15, 2012
WASHINGTON, Oct. 15, 2012 /PRNewswire/ -- Michael L. Chasen has announced that
he will step down as President, CEO and Director of Blackboard Inc. at the end
of the year. Chasen will be replaced by Jay Bhatt, currently President and CEO
of Progress Software.
Chasen co-founded Blackboard in 1997 and oversaw the company's rapid growth
from just a handful of employees and a few clients to a workforce of over
3,000 that now serves tens of thousands of clients worldwide. Chasen also
oversaw the successful completion of more than 20 acquisitions and the
company's transition back to private ownership in 2011 after its acquisition
by Providence Equity Partners for $1.7 billion. In the last year Chasen has
led a number of strategic initiatives including the merger with Edline, a
leading provider of complementary K-12 technology solutions, and the launch of
a new focus on open source supported by the acquisitions of Moodlerooms and
"I've had an incredible experience at Blackboard, and I'm extremely proud of
the work we've done to support education," said Chasen. "We've been focused on
expanding the vision for how Blackboard can support clients and positioning
the company for growth, including a concentrated effort to build the company's
internal infrastructure in the last year. With that vision now coming into
focus and our infrastructure in place, now is a good time to bring onboard a
new CEO to help the company take the next steps to capitalize on the global
"Michael has done a wonderful job in creating and growing Blackboard, and the
leadership position he created for Blackboard was the primary reason
Providence Equity Partners was attracted to the company and acquired it last
year," said Steve Alesio, Chairman of Blackboard's Board of Directors. "We are
fortunate to have Jay, with his exceptional experience in the software
industry and track record of innovation and leadership, join us to lead
Blackboard into its next chapter of growth. He shares Blackboard's commitment
to excellence, and we are excited to work with him to continue to innovate and
provide top quality software and solutions to the rapidly evolving education
Bhatt recently announced that he would step down in December as President, CEO
and Director of Progress Software, a publicly traded global software company.
Before joining Progress, Bhatt served as Senior Vice President of Autodesk
Inc., where he ran the global Architecture, Engineering and Construction
Solutions Business, and prior to that he was responsible for Autodesk's
Corporate Development, Business Development and Strategic Planning. Bhatt
joined Autodesk in 2001 when it acquired Buzzsaw.com, a cloud-based software
company where Bhatt served as Chief Financial Officer and head of Corporate
and Business Development.
"I'm honored to join such a talented company and to lead the next phase of
Blackboard's growth," said Bhatt. "Blackboard has an excellent team and a
committed global customer base. Education is a passion of mine, and there is
a tremendous opportunity for technology to continue to improve and extend
education globally. I'm excited to help Blackboard expand its support of
institutions and organizations that are pursuing this important mission."
For more information about Blackboard, please visit http://www.blackboard.com.
About Blackboard Inc.
Blackboard Inc. is a global leader in enterprise technology and innovative
solutions that improve the experience of millions of students and learners
around the world every day. Blackboard's solutions allow thousands of higher
education, K-12, professional, corporate, and government organizations to
extend teaching and learning online, facilitate campus commerce and security,
and communicate more effectively with their communities. Founded in 1997,
Blackboard is headquartered in Washington, D.C., with offices in North
America, Europe, Asia and Australia.
Any statements in this press release about future expectations, plans and
prospects for Blackboard represent the Company's views as of the date of this
press release. Actual results may differ materially as a result of various
important factors. The Company anticipates that subsequent events and
developments will cause the Company's views to change. However, while the
Company may elect to update these statements at some point in the future, the
Company specifically disclaims any obligation to do so.
SOURCE Blackboard Inc.
Contact: Matthew Maurer, Blackboard Inc., +1-202-463-4860 ext. 2637,
Press spacebar to pause and continue. Press esc to stop.