Private equity firm Reverence Capital Partners purchased the Transact business unit of Blackboard in April 2019. Terms were not disclosed. Transact offers two business lines to over 1,300 colleges and universities in the U.S. and Canada—credentials-based access controls to buildings and events, and payment processing, including tuition, bill payment and presentment, and proprietary prepaid accounts. The volume of payments handled by Transact exceeds $45 billion annually for tuition and fees, including in-person check payments ($23 billion), automated clearing house transactions ($17 billi...