Administration of Education Programs (U.S.) — NAICS 923110

An investor's primer on the government offices that run America's education system — and the private businesses that sell into them.

1. Overview

NAICS is the North American Industry Classification System, the standardized government scheme for grouping businesses. Code 923110 — Administration of Education Programs — is not the schools. It is the government machinery that oversees them: the U.S. Department of Education, the 50 state education departments, and the central district offices that plan, fund, regulate, and report on public education. This is a Public Administration code — a government function, not a commercial market [1].

That fact shapes everything an investor needs to know. No public company has NAICS 923110 as its core business, because the establishments in it are government agencies funded by taxes, not firms earning profit. But the code sits on top of an enormous flow of money — well over $1 trillion a year in U.S. public education spending [5] — and a large private industry exists to serve these agencies: student-information and administrative software, assessment and curriculum, outsourced student-loan servicing, consulting, and managed services. That vendor layer is where public- and private-market capital actually invests.

• Public-market investors get exposure indirectly, through government-services contractors, ed-tech suppliers, and diversified software owners such as Maximus, Nelnet, Roper Technologies, Tyler Technologies, Stride, and Pearson (see Section 4).
• Private-market investors own many of the pure-plays: private equity has bought up most of the major education-software vendors — PowerSchool, Instructure, Renaissance, Ellucian [23][24][34][35]. Municipal bonds issued by school districts are a separate fixed-income route into the same spending.

The defining feature of this industry today is political risk. In 2025 the federal government began actively dismantling the Department of Education (Section 7) — a live reminder that the "customer" here answers to elections and appropriations, not markets.

2. What it is and how it's structured

Official scope. NAICS 923110 comprises government establishments "primarily engaged in the central coordination, planning, supervision, and administration of funds, policies, intergovernmental activities, statistical reports and data collection, and centralized programs for educational administration." Government scholarship programs are included [1]. Illustrative establishments: state education departments, government education-statistics centers, teacher-certification bureaus, university regents/boards, scholarship-program administrators, and nonoperating education offices [1].

Three layers of government:

• Federal — the U.S. Department of Education (ED) and its office of Federal Student Aid (FSA), plus education functions in other agencies.
• State — 50 State Education Agencies (SEAs), typically a state department of education headed by a chief state school officer or state board. SEAs set standards, license teachers, run testing, and pass federal grants down to local districts [10].
• Local — the central administrative offices of school districts (the superintendent's office, business office, and board of education) that manage schools but are not the schools themselves. These are often called Local Educational Agencies (LEAs).

What it explicitly EXCLUDES. The schools and colleges themselves — and the local boards operating them — are not in 923110. They sit in NAICS Subsector 611, Educational Services (611110 elementary & secondary schools; 611210 junior colleges; 611310 colleges, universities & professional schools). Private testing, tutoring-support, and education consultants fall under 611710, Educational Support Services; software and consulting vendors are classified by their own activity (e.g., 541512 computer-systems design, 541611 management consulting), not by the fact that they serve a government customer [1][2]. So a principal, teacher, or campus registrar is generally counted in 611; only the central/state/federal administrative offices are 923110. Adjacent public-administration siblings include 923120 (Administration of Public Health Programs) and 923130 (Administration of Human Resource Programs).

Ownership mix. Essentially 100% government within the exact code. There is no private ownership of 923110 itself — the "market" for investors is entirely the adjacent vendor and contractor ecosystem.

3. How big it is

Our federal business statistics undercount this industry almost entirely — and that is the honest headline. We hold no ingested federal statistics for NAICS 923110, so this primer reports no establishment, employment, payroll, or revenue total for the code, and substitutes no suppressed value. More importantly, the usual sources for industry size exclude it by design: the Census Bureau's County Business Patterns excludes public administration and most government employees, and the Economic Census generally excludes Sector 92 (Public Administration) and government-owned establishments [2]. Any "firm count" from them would be misleading. The real scale must be read off government-finance and government-employment sources instead — all figures below are cited context, not a NAICS 923110 revenue line.

By dollars administered (reported):

• U.S. public K-12 spending reached about $946.5 billion in fiscal 2023 and crossed roughly $1.0 trillion in the 2023-24 school year; per-pupil spending averaged about $16,526 [4][5]. For an earlier, fully reconciled year, fiscal 2022 public elementary-and-secondary revenue was $909.2 billion (state and local governments supplied 86.3%), with current expenditures of $767.8 billion, of which salaries and benefits were 77.5% [6].
• The funding split (FY2023) runs roughly 13% federal, ~45% state, ~45% local — federal money is the minority share but the most policy-sensitive [3].
• The U.S. Department of Education had roughly $268 billion in outlays in FY2024 [11]. Most flows through Federal Student Aid — Pell Grants, work-study, and the federal student-loan portfolio — with a smaller slice (roughly $79 billion discretionary) going to K-12 formula grants and departmental operations [11].

By the number of governing bodies (reported). Two federal programs count slightly different things, so both are worth citing:

• The 2022 Census of Governments counted 13,859 public school systems, of which 12,546 are independent school districts (separate governments) and 1,313 are "dependent" systems run as arms of a state, county, or city [7].
• The National Center for Education Statistics (NCES) counted 19,204 operating public education agencies in school year 2022-23 (a broader tally that includes charters and service agencies), of which 13,318 were regular school districts, serving 49.5 million students across 99,409 schools [8][9].

Add the 50 SEAs and the federal ED on top of the district counts.

By people (reported, with a caveat). Employment specific to 923110 administrative offices is not broken out in the standard datasets. As occupational context, the Bureau of Labor Statistics (BLS) counted about 226,600 postsecondary education administrators (May 2024) and a comparably large body of K-12 administrators — but most of those people work inside schools and colleges (NAICS 611), not in the central-office code [12]. The federal piece is small and shrinking: ED entered 2025 with about 4,133 employees and was cut toward roughly 2,183 by mid-2025 (Section 7) [13].

Takeaway: as a "business" the industry is tiny (a few thousand agencies, modest headcount); as a steward of capital it is one of the largest spending functions in the country.

4. The investable universe

There is no pure-play public stock for NAICS 923110 — the agencies are government. Investors reach the spending through vendors and contractors, split across three lanes: loan servicing for federal student aid, administrative/ERP software for districts, and assessment, curriculum, and consulting. Several of the purest software plays were taken private by private equity in 2024, thinning the public roster [23][24].

Now private (private-equity owned):

• PowerSchool — the dominant K-12 student-information-system (SIS) vendor; taken private by Bain Capital for ~$5.6 billion in 2024 [23].
• Instructure (Canvas learning platform) — taken private by KKR and Dragoneer for ~$4.8 billion in 2024 [24].
• Renaissance — assessment/analytics; held by Francisco Partners and Blackstone [34].
• Ellucian — higher-ed ERP/SIS; backed by Blackstone and Vista Equity Partners [35].
• Houghton Mifflin Harcourt — curriculum/assessment; a Veritas Capital portfolio company [36].
• Anthology/Blackboard — the Blackboard learning platform emerged from restructuring in 2026 under ownership led by Oaktree Capital and Nexus Capital [37]. Infinite Campus and Skyward (other large SIS vendors) remain independently held.

Other owners. The underlying agencies are funded by taxpayers; municipal bonds issued by school districts are the fixed-income way to finance and lend into the spending. Large consultancies (Deloitte, Accenture) and testing bodies (ETS, Cambium) serve SEAs and districts but are private or otherwise not pure-plays. These vendors are suppliers to 923110 establishments, not establishments themselves.

5. How the money works

The agencies in 923110 do not earn profit. They are funded by appropriations — federal tax revenue, state income/sales tax, and local property tax — and are measured by budgets, headcount, and how efficiently they move money, not by margins. Their core "economics" is the flow of funds: federal formula grants (Title I for low-income schools, IDEA for special education) pass to SEAs, which sub-grant to LEAs and police compliance [10]. Labor is by far the largest system cost, which caps the discretionary budget left over for vendors [6].

For investors, the money is made by selling into that flow. Three unit-economic models dominate:

• Per-student / per-district SaaS subscriptions. Administrative software (SIS, ERP, human-capital, and special-programs systems) is licensed on recurring per-student or per-district fees. The appeal is stickiness: districts rarely rip out the system of record, contracts run multiple years, and switching means data migration, retraining, and compliance re-testing — so retention and net revenue expansion drive value. Roper explicitly buys businesses like Frontline for exactly this cash-generative, high-retention profile [25].
• Per-borrower servicing fees. Loan servicers (Maximus/Aidvantage, Nelnet, MOHELA, Edfinancial) earn a monthly fee per serviced borrower under federal contracts. Economics scale with portfolio size and repayment status — a paused or forgiven loan can pay less than a repaying one — and 2024's new contracts pay a lower blended per-borrower rate than the legacy deals [27][28].
• Government-contract margins. BPO and consulting revenue is bid-based, multi-year, and exposed to recompete risk; margins are steadier than commercial software but capped, and concentration on a single customer (the U.S. government) is the central risk.

The relevant operating metrics for suppliers are enrollment, attendance, per-pupil funding, renewal rates, recurring-revenue mix, implementation backlog, customer concentration, and cash conversion — Stride explicitly names enrollment, attendance requirements, and per-pupil funding as its revenue drivers [29]. The demand engine underneath all of it is compliance: every mandate to test, report, track special-education services, or safeguard data creates work that agencies increasingly buy software and services to handle. Cyclicality is moderate rather than absent — core administration is durable, but state budgets, tax bases, elections, and one-time programs (the COVID relief surge, whose final ARP ESSER obligation deadline was September 30, 2024) can materially change purchasing [19].

6. What drives demand

• Mandatory accountability. The Every Student Succeeds Act (ESSA), the current federal K-12 law, requires states to measure performance, publish report cards, and report spending and outcomes — recurring reporting and analytics work [15].
• Special education. The Individuals with Disabilities Education Act (IDEA) requires agencies to provide eligible students a free appropriate public education and funds states by formula; more than 8 million students were eligible in 2022-23, driving compliance and case-management systems [16].
• Enrollment and demographics. Per-student software and per-pupil funding both scale with enrollment. K-12 enrollment is flat-to-declining in many states — a volume headwind — while higher-ed enrollment is uneven.
• Government budgets and the ESSER cliff. State revenue and local property-tax bases set district spending. The expiration of federal pandemic relief (ESSER) in 2024 created a budget "cliff" pressuring discretionary spend into 2025-26; recurring products with clear compliance value should prove more resilient than one-time pilots (editorial judgment tied to the funding deadline) [19].
• Student-loan portfolio dynamics. The size of the federal loan book and whether borrowers are in repayment, pause, or forgiveness directly sets servicing volume and fees [27].
• Digitization, AI, and cybersecurity. Ongoing replacement of paper/legacy district systems with cloud software; AI is now a stated growth thesis for the PE owners of PowerSchool and Instructure. At the same time, oversight bodies flag ransomware, data breaches, thin funding, and cybersecurity staffing gaps as persistent risks that themselves generate spending [20].
• Postsecondary administration. State university systems, regents, scholarship programs, financial aid, and research administration are a separate demand pool beyond K-12.

7. Regulation

Here the industry largely is the regulator, but it operates inside a federal-state framework:

• Federalism. The U.S. Constitution leaves education to the states; there is no national curriculum. SEAs set standards, licensure, and testing. The federal role is funding and civil-rights enforcement, delivered mainly through conditions attached to grants [10].
• Key statutes. The Elementary and Secondary Education Act (ESEA), as amended by ESSA [15]; IDEA (special education) [16]; the Higher Education Act (student aid); the Family Educational Rights and Privacy Act (FERPA), which protects student education records at federally funded agencies and institutions [17]; and the Children's Online Privacy Protection Act (COPPA), which governs online services collecting data from children under 13 (schools may consent for authorized educational use, but not for unrelated commercial purposes) [18]. FERPA plus a thicket of state student-privacy laws is the binding compliance constraint for any vendor handling student records.
• Civil-rights and accessibility rules. Title VI, Title IX, Section 504 of the Rehabilitation Act, and the Americans with Disabilities Act (ADA) shape programs, software accessibility, and service delivery. State procurement and public-records laws add competitive bidding, cybersecurity terms, and data-retention requirements that vary by jurisdiction.
• The 2025 upheaval (reported). On March 20, 2025, an executive order directed the Secretary of Education to begin dismantling the department; only Congress can formally abolish it. After a reduction-in-force cutting staff from ~4,133 toward ~2,183 [13], the U.S. Supreme Court on July 14, 2025 (McMahon v. New York, 6-3) cleared the layoffs to proceed and allowed functions to be moved to other agencies [14]. The practical direction (forward-looking judgment): more administration devolves to states, with federal grant and loan functions candidates for transfer or outsourcing.

Compliance is both a cost and a competitive barrier: vendors with reliable security, auditable controls, accessibility, interoperability, and contract discipline hold an edge in public procurement.

8. Competitive dynamics and consolidation

On the government side, the long-run trend is fewer, larger administrative units: the number of school districts has fallen for decades through consolidation, and regional/shared-service agencies centralize back-office functions. Federal retrenchment in 2025 pushes responsibility down to states [14]. The buyer base nonetheless remains fragmented — thousands of districts and agencies [8] — with long, regional, and politically influenced sales cycles.

On the vendor side, consolidation is intense and increasingly private-equity-led:

• Software. The K-12 SIS market (about $15 billion globally in 2025, growing double digits) is concentrated — PowerSchool ~23%, Infinite Campus ~10%, Skyward ~7% [21][22]. Bain (PowerSchool), KKR/Dragoneer (Instructure), Blackstone and Vista (Ellucian), and Roper (Frontline) have rolled up the leaders, betting on sticky recurring revenue and AI upsell [23][24][25][35].
• Loan servicing. Federal servicing consolidated to roughly five contractors — MOHELA, Maximus/Aidvantage, Nelnet, Edfinancial, and Central Research — concentrating a huge portfolio among a handful of firms with the U.S. government as sole customer [28].

The competitive moat in both cases is switching cost plus procurement friction: government buyers move slowly, contracts are long, and incumbents are hard to dislodge — good for owners, a barrier for challengers. But scale is not a guarantee of success: Anthology's restructuring, which refocused Blackboard under new ownership in 2026, shows that a large education-software platform can still stumble on integration, leverage, and execution [37].

9. Risks

• Political and policy risk (the dominant one). Elections and appropriations set the whole industry's budget. The 2025 move to dismantle ED, potential funding cuts, and shifting student-loan forgiveness policy can rapidly change vendor volumes and contract structures [13][14][27].
• Appropriations and budget-cliff risk. Government shutdowns, state revenue downturns, and the post-ESSER spending cliff squeeze district budgets and delay purchases [19].
• Customer concentration and recompete risk. For servicers and federal contractors, the U.S. government is effectively the only customer; contracts are periodically re-bid, and rates can be cut (2024's servicing contracts pay less per borrower) [27][28].
• Cybersecurity and data privacy. These systems hold sensitive student records under FERPA. The widely reported PowerSchool breach disclosed in late 2024 exposed millions of student and staff records — a reminder that a single incident can trigger liability, churn, and regulatory scrutiny [20].
• Enrollment risk. Falling K-12 enrollment erodes per-student software revenue and per-pupil funding; virtual-school and per-pupil suppliers are directly exposed to student counts, attendance, and school-choice politics [29].
• Leverage and consolidation risk (private-market). PE buyers paid multi-billion-dollar prices (PowerSchool $5.6B, Instructure $4.8B) and use leverage; returns depend on margin expansion and AI monetization not yet proven at scale, and refinancing pressure is real [23][24].
• Measurement risk. No clean federal NAICS revenue or employment denominator exists for the exact code, making market-share and valuation comparisons imprecise.

10. How to invest and the outlook

Public-market routes (no pure-play exists):

• Federal student-aid servicers — Maximus (MMS), Nelnet (NNI), Navient (NAVI); exposure is to portfolio size, repayment policy, and contract recompetes [26][27].
• Administrative/ERP software — Roper (ROP) for a cash-generative slice of K-12 admin software (Frontline), and Tyler Technologies (TYL) for public-sector and school ERP [25][32].
• Assessment, curriculum, and virtual schooling — Stride (LRN), Pearson (PSON), McGraw Hill (MH); revenue keys off enrollment and per-pupil funding [29][30][31].
• Consulting — Huron (HURN) for higher-ed-weighted advisory and managed services [33].
• Adjacent lenders — Sallie Mae (SLM) for private student loans.

For public names, separate genuine exposure from broad "education" branding: look at revenue tied specifically to U.S. public agencies, renewal rates and contract duration, recurring-versus-project mix, customer concentration and receivables, implementation margins and free cash flow, and data-security/accessibility disclosures.

Private-market routes:

• Private equity now owns most category leaders — Bain (PowerSchool), KKR/Dragoneer (Instructure), Francisco Partners/Blackstone (Renaissance), Blackstone/Vista (Ellucian), Veritas (HMH) — so the purest exposure is via PE funds, not public shares [23][24][34][35][36]. Diligence should center on contract quality, renewal evidence, implementation backlog, state concentration, student-data rights, cybersecurity, and sponsor debt.
• Municipal bonds issued by school districts are the fixed-income way to finance the underlying spending, with tax-exempt income and credit tied to local property-tax bases.
• Private credit can lend against recurring vendor cash flows, but must price government payment delays and refinancing risk.
• Direct government contracting into SEAs and districts, for operating businesses.

Near-term drivers (forward-looking judgment). Watch three things: (1) the fallout from federal retrenchment — where ED's grant and loan functions land, and whether devolution to states expands the SEA/vendor market or fragments it [14]; (2) student-loan repayment normalization, which should lift servicer volumes but at lower per-borrower rates [27]; and (3) the post-ESSER district budget cliff versus AI-driven software upsell, a tug-of-war between tighter school budgets and vendors' push to sell more automation [19][21]. The through-line for investors: this is a defensive, policy-driven demand pool — spending is huge and durable, but the terms are set by governments, not markets, so political risk is the price of admission. The strongest suppliers will be those with embedded workflows, recurring contracts, interoperable and secure systems, broad customer bases, and conservative leverage.

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Sources

1. U.S. Census Bureau. "2022 NAICS: Administration of Education Programs, NAICS 923110" (definition, examples, and cross-reference to Subsector 611). https://www.census.gov/naics/?details=923110&year=2022
2. U.S. Census Bureau. "Economic Census — Understanding Industry Classification (NAICS)" and "County Business Patterns" (exclusion of Sector 92 / Public Administration and most government employees). https://www.census.gov/programs-surveys/economic-census.html; https://www.census.gov/programs-surveys/cbp.html
3. Peter G. Peterson Foundation. "How Is K-12 Education Funded?" (federal ~13% / state ~45% / local ~45%), 2024. https://www.pgpf.org/article/how-is-k-12-education-funded/
4. EducationData.org / NCES. "U.S. Public Education Spending Statistics" (~$946.5B FY2023; per-pupil ~$16,526). https://educationdata.org/public-education-spending-statistics
5. Reason Foundation. "K-12 Education Spending Spotlight 2025: Annual public school spending nears $1 trillion," 2025. https://reason.org/k12-ed-spending/2025-spotlight/
6. National Center for Education Statistics. "Total Current Expenditures Grew by 1.8 Percent for Public Elementary and Secondary Schools in Fiscal 2022" ($909.2B revenue, 86.3% state+local; $767.8B current expenditures; salaries+benefits 77.5%), 2024. https://nces.ed.gov/learn/press-release/total-current-expenditures-grew-1-8-percent-public-elementary-and-secondary-schools-fiscal-2022
7. U.S. Census Bureau. "2022 Census of Governments: Organization" (13,859 public school systems; 12,546 independent school districts; 1,313 dependent systems), 2023. https://www.census.gov/newsroom/press-releases/2023/census-of-governments.html
8. National Center for Education Statistics. "Number of Operating Public Schools and Districts, Student Membership, Teachers, and Pupil/Teacher Ratio: School Year 2022-23" (19,204 operating agencies; 49,514,913 students; 99,409 schools), 2024. https://nces.ed.gov/ccd/tables/202223_summary_2.asp
9. National Center for Education Statistics. "Number of Public School Districts and Public and Private Elementary and Secondary Schools" (13,318 regular public school districts), 2024. https://nces.ed.gov/programs/digest/d23/tables/dt23_214.10.asp
10. U.S. Department of Education / CCSSO. "State education agency" overview and "State Authority over ESSA Programs" (50 SEAs; SEA→LEA sub-grant role). https://www.ed.gov/sites/ed/files/2020/10/ccsso_state_authority_over_essa_programs.pdf
11. U.S. Department of Education. "Fiscal Year 2024 Budget Summary" and USAspending Agency Profile (~$268B FY2024 outlays; Federal Student Aid share; ~$79B discretionary). https://www.usaspending.gov/agency/department-of-education
12. U.S. Bureau of Labor Statistics. OEWS / Occupational Outlook Handbook — "Postsecondary Education Administrators" (226,600 jobs, May 2024) and "Education Administrators, Kindergarten through Secondary." https://www.bls.gov/ooh/management/postsecondary-education-administrators.htm
13. CNBC / Chalkbeat. "Trump signs executive order to dismantle the Department of Education" (March 20, 2025; workforce ~4,133 → ~2,183). https://www.cnbc.com/2025/03/20/trump-signs-executive-order-to-dismantle-the-department-of-education.html; https://www.chalkbeat.org/2025/03/20/trump-signs-executive-order-to-end-education-department/
14. SCOTUSblog / Chalkbeat. "Supreme Court clears the way … McMahon v. New York" (July 14, 2025, 6-3; layoffs may proceed). https://www.chalkbeat.org/2025/07/14/us-supreme-court-allows-education-department-layoffs-to-proceed/
15. U.S. Department of Education. "What Is the Every Student Succeeds Act?" https://www.ed.gov/laws-and-policy/laws-preschool-grade-12-education/esea/what-is-the-every-student-succeeds-act
16. U.S. Department of Education. "Individuals with Disabilities Education Act (IDEA)" (8M+ students eligible, SY2022-23). https://www.ed.gov/laws-and-policy/individuals-disabilities/individuals-disabilities-education-act-idea
17. U.S. Department of Education. "To Which Educational Agencies or Institutions Does FERPA Apply?" https://studentprivacy.ed.gov/faq/which-educational-agencies-or-institutions-does-ferpa-apply
18. Federal Trade Commission. "Complying with COPPA: Frequently Asked Questions." https://www.ftc.gov/business-guidance/resources/complying-coppa-frequently-asked-questions
19. U.S. Government Accountability Office. "K-12 Education: School Districts Reported Spending Initial COVID Relief Funds" (final ARP ESSER obligation deadline Sept. 30, 2024). https://www.gao.gov/products/gao-24-106913
20. U.S. Government Accountability Office. "Critical Infrastructure Protection: Additional Federal Coordination Is Needed to Enhance K-12 Cybersecurity," 2023. https://www.gao.gov/products/gao-23-105480
21. Mordor Intelligence. "Student Information System Market Size, Share, Trends & Industry Report" (~$15.44B, 2025). https://www.mordorintelligence.com/industry-reports/student-information-system-market
22. ListEdTech. "The 2025 K-12 SIS Market" and "PowerSchool: The Path to Dominate the K-12 Market" (PowerSchool ~23%, Infinite Campus ~10%, Skyward ~7%). https://listedtech.com/blog/powerschool-the-path-to-dominate-the-k-12-market/
23. Bain Capital / K-12 Dive. "Bain Capital Completes Acquisition of PowerSchool" (~$5.6B, 2024). https://www.k12dive.com/news/powerschool-private-bain-capital-deal/718710/
24. Instructure / K-12 Dive. "KKR and Dragoneer Complete Acquisition of Instructure" (~$4.8B, Canvas taken private, 2024). https://www.instructure.com/press-release/kkr-and-dragoneer-complete-acquisition-instructure
25. Roper Technologies, Inc. "Completion of Frontline Acquisition" (2022, ~$3.7B) and Form 10-K FY2024 (Application Software segment; Frontline K-12 admin software). https://www.sec.gov/Archives/edgar/data/882835/000088283522000063/rop-20221004.htm
26. Maximus, Inc. "Fourth Quarter and Full Year Results for Fiscal Year 2024" (revenue $5.31B; Aidvantage ~$291B / 8.4M borrowers; ~$16B servicing contract), 2024. https://investor.maximus.com/news-events/press-releases/detail/553/
27. Nelnet, Inc. Form 10-K, FY2024 (serviced ~$526.6B for 15.5M borrowers; ~$380.9M ED servicing revenue; USDS contract). https://www.sec.gov/Archives/edgar/data/1258602/000125860225000014/nni-20241231.htm
28. National Consumer Law Center. "New Federal Student Loan Servicing Contracts, New Promises" (servicers: MOHELA, Edfinancial, Nelnet, Central Research, Maximus/Aidvantage), Feb. 2024. https://www.nclc.org/wp-content/uploads/2024/02/202402_Report_New-Federal-Student-Loan-Servicing-Contracts-New.pdf
29. Stride, Inc. Form 10-K for fiscal year ended June 30, 2025 (enrollment, attendance, and per-pupil funding as revenue drivers). https://www.sec.gov/Archives/edgar/data/1157408/000155837025010334/lrn-20250630x10k.htm
30. Pearson plc. "Annual Report and Accounts 2025" (U.S. assessments, qualifications, digital learning). https://plc.pearson.com/sites/pearson-corp/files/annual-reports/2025/pearson-annual-report-2025.pdf
31. McGraw Hill, Inc. "Form 8-K: Initial Public Offering," July 2025. https://www.sec.gov/Archives/edgar/data/1951070/000162828025036062/mcgrawhill-closing8xk.htm
32. Tyler Technologies, Inc. Form 10-K (public-sector and K-12 ERP, SIS, transportation, financial-management systems). https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000860731&type=10-K
33. Huron Consulting Group, Inc. Form 10-K (education consulting, managed services, higher-ed weighted). https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001289848&type=10-K
34. Renaissance. "Renaissance Leadership and Ownership" (Francisco Partners and Blackstone). https://www.renaissance.com/about-us/renaissance-leadership/
35. Ellucian. "About Us" (Blackstone and Vista Equity Partners). https://www.ellucian.com/about-us
36. Houghton Mifflin Harcourt / Veritas Capital. "HMH to Be Acquired by Veritas Capital" (Veritas portfolio company). https://www.hmhco.com/about-us/press-releases
37. Blackboard. "Blackboard, Formerly Anthology, Emerges Debt-Free and Focused" (Oaktree Capital and Nexus Capital Management, 2026). https://www.blackboard.com/news/blackboard-formerly-anthology-emerges-debt-free-and-focused