Michael Chasen co-founded Blackboard ten years ago, when he was only 25 years old. Today he is Blackboard’s Chief Executive and he joins the guys for this conversation.
Chasen says colleges and universities are using BBBB technology to put their courses online. He explains students still go to class, but you get your course syllabus online, or tests are given on line and his company powers that.
“What do you actually provide?” asks Dylan.
We provide clients with the enterprise software, replies Chasen. Most schools download it and run it on their own servers. Blackboard also hosts it for some schools.
“What sets Blackboard apart from Google (GOOG) who might get into this business?”
We focus on education, Chasen says.
“And what percentage of universities are going online?”
3,400 institutions use Blackboard around the globe, Chasen replies. 2,000 in the U.S. He adds every institution will need a company like Blackboard in the future.
Tim Strazzini asks if Blackboard might be a take-over candidate.
We have a strong financial position and great partnerships and Blackboard plans to keep its position as leader, answers Chasen.
Also on Fast Money, Chasen reveals the state of Mississippi signed a $9.5 million dollar deal to provide Blackboard services to all 15 of its community colleges, estimated to be 65,000 students. It’s the largest deal in the company’s history.