Public Charity Acquires Pioneering Developer of AI for Higher Education

Mainstay converts to nonprofit and joins Lemnis' growing portfolio of organizations dedicated to helping learners achieve academic, career and life success

PORTLAND, Ore., March 24, 2026 /PRNewswire/ -- Lemnis, a public charity investing in solutions that expand educational opportunity, today announced the acquisition of Mainstay, creator of AI-enabled student support technologies used by more than 200 colleges and universities to boost enrollment, persistence, and completion. Following the acquisition, Mainstay will convert from a Public Benefit Corporation to a division within Lemnis, which is a nonprofit organization.

"This transaction reflects our conviction that the next chapter of education will be shaped by organizations that successfully combine breakthrough technology with the empathy, support and care that only humans can provide," said Melissa Johnston, founding CEO of Lemnis. "Expanding opportunity for students in an increasingly complex world requires reimagining how technology and human connection work together to deliver the kinds of learning experiences that every student deserves."

Since its founding in 2014, a series of randomized controlled trials (RCTs) have demonstrated the positive impact Mainstay's technologies have on FAFSA completion, enrollment, registration and student grades. One study, conducted by the Annenberg Institute of Brown University, found that course-specific proactive outreach resulted in improvement of an entire letter grade for first-generation students in a large lecture course.

Mainstay is perhaps best known for a landmark 2018 Brookings Institution and Georgia State University report, which determined that implementation of the company's early conversational AI resulted in a 20% reduction in "summer melt," which occurs when accepted students fail to enroll in college.

Mainstay is Lemnis' second transaction this year through its Collective mergers and acquisitions strategy, which provides mission-aligned organizations with access to patient capital and support for future growth, impact, and innovation. In February, the organization announced its acquisition of the nonprofit InsideTrack, which has provided success coaching to more than 3.6 million learners over the last 25 years. As divisions of Lemnis, they will remain focused on providing their current services and supports that serve learners at critical moments in their learning journey.

"Emerging technologies have tremendous potential to help more students navigate the path to and through college. But that only works if they're built and implemented in ways that improve—not reduce—human connection and interaction," said Tony Frey, CEO of Mainstay. "For more than a decade, our work has been about helping institutions bring evidence-based, technology-enabled strategies to bear on helping students take the next step in their educational journey. Our nonprofit structure will enable us to deepen and sustain our impact in unlocking opportunity for more students."

Good Harbor Partners ("GHP"), a boutique M&A advisory firm specializing in the education sector, served as the exclusive financial advisor to Mainstay in connection with its acquisition by Lemnis.

About Lemnis: Lemnis is a public charity dedicated to expanding learning for all. Our vision is to create a future of the Unlimited Learner, where every young person can thrive in a time of dramatic change. Lemnis, whose name is inspired by the lemniscate (∞), believes that to unlock limitless possibilities for learners, we must create a sense of belonging and community, apply findings from neuroscience of learning and social sciences, leverage pro-social artificial intelligence and digital technology, and generate new ecosystems and supports that are learner centered. The Lemnis Collective acquires mission-aligned education organizations, both for-profit assets like Mainstay and non-profits with earned revenue like InsideTrack, that provide real-world learning, academic support, and learner wellbeing to help learners build human skills for academic, career and life success. To support the Collective, Lemnis makes grants to intermediaries and accelerators through its Alliance strategy. Additionally, it makes strategic investments in mission-aligned funds and for-profit ventures. For more information, visit www.lemnis.org.

About Mainstay: Mainstay believes one conversation can spark a brighter future. Our vision is to make college access more equitable through technology. We started AdmitHub, a student engagement platform that uses behavioral science and AI to connect students with the support they need. We soon evolved into student success coaching to support millions of students with empathetic, conversational guidance throughout their entire higher education journey. Grounded in behavioral science and built with empathy, Mainstay's AI-powered communication platform helps students take the next step toward achieving their goals. Learn more at the Mainstay website: www.mainstay.com.

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SOURCE Lemnis