Parchment Delivers 1.6 Million e-Transcripts as Demand for Online Credentials Data Grows
Parchment Inc. — Tuesday, February 28, 2012
Parchment Reports Strong Growth in 2011 as Students, High Schools and Colleges Increasingly Rely on Its Solutions for Collecting, Analyzing and Sharing Electronic Education Credentials
SCOTTSDALE, Ariz. (Feb. 28, 2012) - Credentials data are critical during life-changing events, such as applying to college or a first job, and in today's knowledge-driven economy, take on even greater significance. Parchment Inc., the leading education credentials data pioneer, is delivering and analyzing close to 200 electronic transcripts and academic records per hour to an expanding online network of educational institutions and individual students. In 2011, Parchment doubled the number of transcripts delivered through its Docufide® by Parchment platform to 1.6 million and registered 200,000 new student users on Parchment.com in just the first four months after launch.
"Similar to what is occurring in business, government and other sectors, the decision-making process in education is increasingly being driven by data and analytics," said Parchment CEO Matthew Pittinsky, Ph.D. "Parchment solutions dramatically improve operational efficiencies within the education market, but this is just a starting place. Once schools move to an online model, they often realize the potential to treat transcripts as data rather than as isolated documents. Then, the Docufide by Parchment platform becomes more than just an exchange network, but also a powerful analytics solution for examining trends, analyzing shortfalls, and producing better outcomes.
Using unique statistical modeling and crowdsourcing, Parchment.com enables students to research colleges and discover their chances of admission, see how they compare to their peers, get college recommendations, and send official transcripts when they are ready to apply.
Student and Parchment.com user, Grace Lin, attested, "I've been using Parchment.com since I was a junior last year and it has really helped me narrow down my college choices. I'm happy to say that is has encouraged me to apply to Cornell University, to which I was accepted in December! My friends, who are awaiting college decisions, are also glued to the Parchment admissions game."
Lisa Dong, mother of a current Parchment.com user, commented, "As a parent I appreciate the 'My Chances' section of Parchment.com. It gave him the confidence to apply to several schools that are more selective than he originally thought he could get into. Many of the universities my son is interested in had profiles of over 10,000 students available for him to look at. The information we found on [Parchment.com] reassured us that he was applying to universities where he stood a good chance of being admitted."
The electronic transcript exchange technology behind Parchment.com is the company's Software-as-a-Service (SaaS) platform for educational institutions, Docufide by Parchment™. Docufide is the leading transcript exchange and intelligence platform for the K-20 education market. The solution enables the secure, rapid exchange of millions of electronic transcripts and other student records among schools, state education agencies, scholarship organizations, and individuals. The number of higher education institutions exchanging transcripts through Docufide tripled last year, while the number of high schools using the solution doubled, totaling 30 percent of high schools in the United States. The Docufide platform moved more electronic credentials data between secondary schools and colleges than any other competing service in the United States.
Parchment also doubled the size of its staff during 2011, expanding into new offices in Scottsdale, Ariz. Fueled by raising $10.5 million in 2011, the company expects continued growth with plans to double its staff again and accelerate product development.
Parchment's mission is to unleash education credentials by unlocking the critical data they embody. A credentials data company, Parchment works with institutions and corporations around the world helping people collect, promote, and share their education credentials in simple and secure ways. At Parchment.com, students can research colleges and discover their chances of admission, see how they compare with peers, get college recommendations, and send official transcripts when they are ready to apply. The company's Software-as-a-Service (SaaS) offering, Docufide® by Parchment™, is the leading transcript exchange and intelligence platform. The solution enables the secure, rapid exchange of millions of electronic transcripts and other student records among nearly 9,000 schools and universities, six state education agencies, and hundreds of thousands of individuals. Founded in 2003, Parchment Inc. is a venture-backed company headquartered in Scottsdale, Ariz., with offices in Los Angeles, Calif. Visit www.parchment.com/company for more information.