Overview Key strengths Key risks Market leader in the higher-education enterprise resource planning (ERP) market. Modest profitability headwinds as the company accelerates investments in its cloud capabilities. Gross retention rates in the high-90% area with a large proportion of contractually recurring revenues. Highly competitive landscape, with ERP products available from Workday, Oracle, Jenzabar, and Anthology. Mission-critical product suite that is largely essential to end users. Financial-sponsor ownership that may preclude sustained deleveraging over the near term. In the first half of 2023, Ellucian's revenue grew nearly 6%, which was largely supported by its software-as-a-service (SaaS) subscription segment as the company continues to transition legacy on-premise customers towards cloud-based offerings. To a lesser extent, the company's revenue also benefited from its
