M&A Deal Summary

Encoura Acquires Ruffalo Noel Levitz

On October 6, 2025, Encoura acquired software company Ruffalo Noel Levitz from Summit Partners and Quad Partners

Acquisition Highlights
  • This is Encoura’s 1st transaction in the Software sector.
  • This is Encoura’s 1st transaction in the United States.
  • This is Encoura’s 1st transaction in Iowa.

M&A Deal Summary

Date 2025-10-06
Target Ruffalo Noel Levitz
Sector Software
Buyer(s) Encoura
Sellers(s) Summit Partners
Quad Partners
Deal Type Add-on Acquisition
Advisor(s) Tyton Partners (Financial)

Target

Ruffalo Noel Levitz

Cedar Rapids, Iowa, United States
Ruffalo Noel Levitz is a provider of fundraising, membership and enrollment management services and software for institutions of higher education and high-affinity nonprofit organizations. Ruffalo Noel Levitz was founded in 1991 and is based in Cedar Rapids, Iowa.

Search 214,981 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try Free

Buyer(S) 1

Buyer

Encoura

Austin, Texas, United States

Category Company
Founded 1972
Sector Education
DESCRIPTION

Encoura is an educational data science and research organization serving over 2,000 member institutions comprising public and private colleges and universities across the nation. Encoura was founded in 1972 and is based in Austin, Texas.


DEAL STATS #
Overall 1 of 1
Sector: Software M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Iowa M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2025 M&A 1 of 1

Seller(S) 2

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 297 of 298
Sector: Software M&A 55 of 55
Type: Add-on Acquisition M&A Deals 133 of 134
State: Iowa M&A 2 of 2
Country: United States M&A 257 of 258
Year: 2025 M&A 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-01 Philz Coffee

Oakland, California, United States

Philz Coffee operates coffee shops across the Bay Area, Southern California, and Washington, D.C. The company specializes in custom blends and handcrafted drip coffee. Philz Coffee was founded in 2003 and is based in Oakland, California.

Sell $145M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-22 Highwire

Burlington, Massachusetts, United States

Highwire is a provider of prequalification and contractor risk solutions for the U.S. construction and capital projects market. Highwire was formed in 2008 and is based in Burlington, Massachusetts.

Sell -
SELLER

Quad Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 1.2B USD
Size Large
Type Sector Focused
DESCRIPTION

Quad Partners is a specialist private investment firm that makes investments in the education industry. Quad will invest in a broad range of transactions; including buyouts, growth capital financings, recapitalizations, and refinancings. Prospective businesses are typically growth oriented and cash-flow positive. Specific areas of interest include postsecondary schools, K-12 proprietary schools, childcare, tutoring, educational products and services, professional education and journals, corporate training, and online journals. Quad Partners was formed in 2000 and is based in New York, New York.


DEAL STATS #
Overall 18 of 18
Sector: Software M&A 2 of 2
Type: Add-on Acquisition M&A Deals 12 of 12
State: Iowa M&A 2 of 2
Country: United States M&A 18 of 18
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-17 Edwin Group

Newcastle upon Tyne, United Kingdom

Edwin Group is a collection of businesses that recruit and supply teachers and support staff for primary, secondary, and special educational needs and disability (SEND) schools and other learning institutions. Edwin Group was founded in 2008 and based in Newcastle upon Tyne, United Kingdom.

Buy -