Zovio: Zovio sells OPM business to University of Arizona Global Campus

The for-profit education services company Zovio said Monday it plans to sell its online program management business to the University of Arizona Global Campus, which it had been servicing for nearly two years. The deal was announced on Zovio's quarterly earnings call and came two years after the University of Arizona's purchase of another company asset, Ashford University, which became the Global Campus. Zovio's chief executive officer, Randy Hendricks, said on Monday's call that the company did not have enough "capital and time" to make its OPM business profitable. Under the terms of the 2020 purchase of Ashford, the University of Arizona Global Campus continued to use Zovio as its OPM vendor. That arrangement was formally terminated Sunday, according to a letter from Global Campus President Paul Pastorek. "During the past 18 months, UAGC has established a student-centered vision, mission, and purpose," he wrote. "By terminating the OPM agreement, yet [...]