NexPhase Capital Announces Investment in Surgent

New York, NY-November 19, 2019

NexPhase Capital Announces Investment in Surgent

NEW YORK– November 19, 2019 – NexPhase Capital, LP (“NexPhase” or the “Firm”), an operationally-focused, independent private equity firm, today announced its investment in Surgent (the “Company”), a leading provider of end-to-end professional education from pre-licensure to continuing education for accounting, finance and healthcare professionals. Terms of the transaction were not disclosed.

Historically focused on meeting the highly specialized needs of accounting and tax professionals, Surgent offers a comprehensive customer experience through online and live CPE courses, and provides nearly one million CPE credits annually to tens of thousands of licensed accounting professionals. Its award-winning exam preparation courses enable pass rates well in excess of the national average. In addition to winning a 2019 Silver Stevie Award from American Business Awards, Surgent has been recognized as the #1 CPA Review Course of 2019 by Crush the CPA Exam, the Top New Professional Education Product of 2018 by Accounting Today, and the Best CPA Exam Review Program by Top Consumer Reviews. In August 2019, the Company expanded into the healthcare sector with its acquisition of Pharmaceutical Education Consultants, Inc. This evolution has been driven by significant investments in technology and people to build a strong core platform that can be extended into other markets. The Company is currently rebranding to represent its broader focus and expects to unveil a new and refreshed look next month.

By leveraging NexPhase’s wealth of experience scaling vertical and software services companies, this partnership is expected to propel Surgent’s continued expansion. The NexPhase software and services team has invested in Brandt Information Services, Inside Real Estate, Simplified Technology (FAST) and Insurance Technologies, among others. The Firm’s seasoned operating team takes a collaborative approach and will work closely with the Company and Stephen Hoffman, a NexPhase operating executive and former executive of Prometric Thomson Learning, Element K and Blackboard who will serve as Chairman of the Surgent Board of Directors moving forward.

“We are thrilled to be partnering with NexPhase as we further establish our leadership in the professional education industry,” said Evan Kramer, Chief Executive Officer at Surgent. “NexPhase brings significant experience investing in the software and services sector and will be invaluable as we build upon our platform and further enhance our product offerings. We look forward to working closely with Steve and the Firm’s experienced team to execute on the shared vision we have for Surgent.”

“We’re very excited about our newest investment in Surgent,” said Joel Killion, Partner at NexPhase Capital. “It’s a great business, led by an accomplished management team. Surgent’s innovative product offerings, anchored by distinguished subject matter expertise and its technology platform, are powering impressive growth. We see significant opportunity to help further scale the business through investments in sales and marketing initiatives, product innovation and select acquisitions.

”Mr. Hoffman added, “I am pleased to be joining the Surgent Board as the Company continues on its path to build the industry-leading platform serving the certification and continuing education needs of an expanding audience of professionals. I look forward to working with Evan and the team to execute the Company’s strategic plan.”

Piper Jaffray served as financial advisor to Surgent and Dentons US LLP and Eisner LLP served as legal counsel. Lowenstein Sandler provided legal counsel to NexPhase on the transaction.

About NexPhase Capital

NexPhase Capital (“NPC”) is a thematic and operationally-focused private equity firm that invests in lowermiddle market growth-oriented companies within three distinct sectors: consumer, healthcare, and software & services. The firm partners with companies that have reached a growth inflection point and are seeking a value-added partner to help navigate the company’s “next phase.” The NPC team has extensive industry and operational experience and NPC’s partners have invested together for nearly a decade. The firm has completed over 60 investments including add-ons and targets control equity investments between $25 million and $75 million. For more information, please visit

About Surgent

Founded in 1985, Surgent provides continuing professional education and exam preparation courses to the accounting, finance and healthcare sectors. Surgent’s services help exam takers become credentialed and satisfy required credit hours and remain informed on the latest trends in their industries thereafter.