Zovio
A former U.S. education-technology and online higher-education services company that operated as Bridgepoint Education before adopting the Zovio name.
Last updated August 31, 2026
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Overview
Zovio was a U.S. education-technology and higher-education services company formerly known as Bridgepoint Education, Inc. The business was incorporated in Delaware in 1999 as TeleUniversity, Inc., adopted the Bridgepoint Education name in 2004, and built its early business around acquiring and operating postsecondary institutions serving primarily online students. Its principal education asset was Ashford University, acquired in 2005, followed by the Colorado School of Professional Psychology in 2007, which Bridgepoint renamed the University of the Rockies. Bridgepoint expanded rapidly during the growth of for-profit online higher education. Ashford developed a large distance-learning operation and became the company’s central revenue source, while the corporate group also maintained a physical campus in Clinton, Iowa, and operated the University of the Rockies. The company became publicly traded in 2009, initially on the New York Stock Exchange under the symbol BPI. Its growth attracted scrutiny from regulators, legislators, consumer-protection authorities, journalists, and student advocates concerning student recruitment, federal financial-aid administration, completion outcomes, consumer debt, disclosures, and the relationship between public funding and private educational companies. The company sold the Clinton campus properties in 2015 and Ashford became effectively online-only in 2016. That transition created additional controversy involving accreditation, state authorization, and eligibility for veterans’ education benefits. Bridgepoint also faced litigation and government actions in several states and from federal agencies. In 2016, the Consumer Financial Protection Bureau alleged that the company had misled students about private student loans; the resulting resolution included an $8 million penalty and forgiveness or refunds relating to affected loans. Iowa separately reached a 2014 settlement with the company concerning student-enrollment practices. In April 2019, Bridgepoint changed its corporate name to Zovio, moved its headquarters to Chandler, Arizona, and transferred its stock listing to Nasdaq under the symbol ZVO. The rebranding accompanied a strategic effort to present the company more broadly as an education-technology and services provider rather than primarily as an owner and operator of online universities. Zovio acquired TutorMe, an on-demand tutoring provider, in 2019 and acquired Fullstack Academy, a coding-education company, in the same period. In 2020, Zovio agreed to sell Ashford University to the University of Arizona. The transaction created the University of Arizona Global Campus, while Zovio continued for a period as the institution’s online-program-management and services provider. The arrangement reduced Zovio’s direct ownership of a university but left it dependent on education-services contracts and other technology and training assets. Enrollment and financial performance remained under pressure, and the company reported a substantial annual loss for 2020. Zovio’s relationship with the University of Arizona Global Campus ended when contract termination was announced in August 2022. The company subsequently liquidated its remaining assets, including Fullstack Academy, and its board formally closed the business in September 2022. Zovio therefore represents a short-lived corporate identity applied to the successor and strategic transformation of Bridgepoint Education, whose history connects for-profit online higher education, education technology, tutoring, coding education, regulatory scrutiny, and eventual wind-down.
History
Zovio’s corporate history began in May 1999, when the business was incorporated in Delaware as TeleUniversity, Inc. It adopted the Bridgepoint Education name in February 2004. The company’s defining strategy during the 2000s was to acquire or operate postsecondary institutions and expand their online delivery capacity. In 2005, Bridgepoint purchased The Franciscan University of the Prairies in Clinton, Iowa, and renamed it Ashford University. Two years later it acquired the Colorado School of Professional Psychology and renamed that institution the University of the Rockies. Ashford became the company’s dominant operation, enrolling students largely through distance education. The rapid expansion made Bridgepoint one of the most prominent publicly traded participants in the U.S. for-profit education sector. In 2009, the company went public on the New York Stock Exchange under the ticker BPI. The company’s growth was accompanied by controversy. Critics and public officials questioned student completion rates, recruitment practices, the use of federal financial aid, and the degree to which the business model depended on public funds. A U.S. Department of Education Office of Inspector General audit examined Ashford’s administration of federal student aid. In 2011, the Senate Health, Education, Labor, and Pensions Committee held a hearing that treated Bridgepoint as a case study in for-profit higher education. The company did not send executives to testify while it was negotiating with federal education officials, but it published a written response. Bridgepoint also promoted Ashford through institutional partnerships and maintained a public profile in San Diego. From 2010 through 2013 it sponsored the Holiday Bowl. Ashford announced an alliance with Forbes Media in 2013, under which its business school adopted the Forbes School of Business at Ashford University name. The company also described a substantial philanthropic program focused on education, young people, and military communities, including employee volunteer activities through Bridgepoint Heroes. The physical campus in Clinton became increasingly difficult to sustain as Ashford shifted toward online delivery. In December 2015, Bridgepoint agreed to sell the campus properties to Clinton Catalyst and lease them for a transition period. Ashford became online-only in 2016. The change complicated the institution’s eligibility for veterans’ education benefits because approval depended in part on the state and location of the qualifying institutional headquarters or campus. The company’s efforts to maintain or obtain approval in California and Arizona became the subject of public controversy, and Ashford temporarily suspended new GI Bill enrollments in November 2017. Regulatory and legal pressure continued. In 2014, Bridgepoint settled an Iowa lawsuit concerning enrollment practices. In 2016, the Consumer Financial Protection Bureau acted against the company over alleged misrepresentations involving private student loans; the resolution included an $8 million penalty and consumer relief. A California lawsuit filed in 2017 alleged unlawful marketing, sales, and debt-collection practices involving Ashford and its parent. A California judge ruled for the plaintiffs in March 2022, finding deceptive conduct relating to professional-career claims, financial aid, costs, completion time, transfer credits, and admissions compliance. The court imposed a civil penalty of $22,375,282. Bridgepoint began repositioning itself during the same period. In April 2019 it changed its name to Zovio, moved its headquarters to Chandler, Arizona, and shifted its stock listing from the New York Stock Exchange to Nasdaq under ZVO. The company acquired TutorMe in 2019 and also acquired Fullstack Academy, broadening its portfolio beyond university operations into tutoring and technical training. In 2020, Zovio sold Ashford University to the University of Arizona. The institution became the University of Arizona Global Campus, while Zovio continued providing online-program-management and related services for a period. The transaction was a major strategic change: Zovio no longer owned its principal university but remained tied to its operations through a services relationship. Financial losses and declining enrollment placed continuing pressure on the company. Co-founder and chief executive Andrew Clark left in 2021, and Randy Hendricks became chief executive in December of that year. The University of Arizona Global Campus contract was announced for termination in August 2022. Zovio then proceeded toward liquidation, including the sale of Fullstack Academy and other remaining assets. The board formally closed the business on September 11, 2022, and the final asset was sold later that year. Zovio’s legacy is therefore closely associated with the expansion and regulatory backlash of online for-profit higher education, followed by an attempted transition into a broader education-technology and workforce-learning services company.
- 2022
California court rules against Zovio and Ashford-related defendants
[1]A California court found deceptive conduct and imposed a civil penalty in litigation concerning marketing, recruitment, financial aid, and student disclosures.
- 2022
Ends University of Arizona Global Campus relationship and closes
[1]The services contract was slated for termination, and Zovio’s board formally closed the company during the subsequent liquidation.
- 2021
Randy Hendricks becomes chief executive
[1]Zovio announced Hendricks as its new chief executive after Andrew Clark’s departure.
- 2020
Sells Ashford University to the University of Arizona
[1]Ashford became the University of Arizona Global Campus, with Zovio continuing as a services provider for a period.
- 2019
Bridgepoint becomes Zovio
[1]The company adopted the Zovio name, moved to Chandler, Arizona, and transferred its listing to Nasdaq under ZVO.
- 2019
Expands into tutoring and coding education
[1]Zovio acquired TutorMe and Fullstack Academy as part of its diversification into education technology and workforce learning.
- 2016
Ashford becomes online-only
[1]Ashford’s transition away from its physical Iowa campus intensified questions about state authorization and veterans’ education-benefit eligibility.
- 2015
Sells Ashford’s Clinton campus properties
[1]The company agreed to sell the Iowa campus properties while arranging a transitional leaseback.
- 2009
Becomes a public company
[1]Bridgepoint began trading on the New York Stock Exchange under the symbol BPI.
- 2007
Acquires the Colorado School of Professional Psychology
[1]Bridgepoint acquired the institution and changed its name to the University of the Rockies.
Products and positioning
A technology-enabled services provider for higher education and workforce learning, evolving from a for-profit university operator into an online-program-management and education-technology company.
Online higher education · 2005
Ashford University
Ashford University was Bridgepoint’s principal higher-education asset after its acquisition in 2005. It offered degree programs primarily through online delivery and became the main vehicle for the company’s expansion in the for-profit education market. The institution later became online-only, was sold to the University of Arizona in 2020, and was rebranded as the University of Arizona Global Campus.
Graduate and professional education · 2007
University of the Rockies
The University of the Rockies was the name Bridgepoint gave to the Colorado School of Professional Psychology after acquiring it in 2007. It formed part of the company’s portfolio of postsecondary institutions, alongside Ashford University, before Zovio’s later strategic shift toward education technology and services.
Online-program-management services · 2020
University of Arizona Global Campus services
After the sale of Ashford University to the University of Arizona, Zovio continued to provide online-program-management and related technology or operational services to the renamed University of Arizona Global Campus. The relationship was later scheduled for termination in 2022.
On-demand tutoring · 2019
TutorMe
TutorMe was an on-demand tutoring provider acquired by Zovio in 2019. It represented the company’s attempt to broaden its education-technology portfolio beyond institutional degree operations into direct learning support and tutoring services.
Coding and technical-skills education · 2019
Fullstack Academy
Fullstack Academy was a coding boot camp and technical-training business acquired by Zovio in 2019. It provided skills-oriented education in software and related technology fields and became one of Zovio’s principal remaining assets during the company’s liquidation.
Controversies
2022
California deceptive-practices judgment
A California judge found that Zovio-related defendants had misled students about professional licensing and career eligibility, financial aid, costs, degree completion, credit transfer, and admissions practices. The court imposed a $22,375,282 civil penalty.
2017
California attorney general lawsuit
California sued Ashford University and Bridgepoint over alleged unlawful marketing, sales, and debt-collection practices. The case reached trial in 2021 and produced a judgment against the defendants in 2022.
2016
Consumer Financial Protection Bureau student-loan action
The CFPB alleged that the company deceived students about private-loan costs. The resolution included an $8 million penalty and forgiveness or refunds connected to affected loans.
2014
Iowa enrollment-practices settlement
Bridgepoint settled an Iowa lawsuit concerning enrollment practices and agreed to avoid coercive or unconscionable tactics while denying wrongdoing.
2011
Senate scrutiny of Bridgepoint’s education model
A Senate HELP Committee hearing criticized the company’s student outcomes and dependence on federal funds, while the inspector general discussed alleged irregularities in aid distribution.
2009
Federal student-aid compliance scrutiny
A U.S. Department of Education Office of Inspector General audit examined Ashford University’s administration of federal financial aid and reported improper disbursement concerns.
Marketing campaigns
- 2013Forbes School of Business alliance
United States
Ashford University formed an alliance with Forbes Media and renamed its College of Business and Professional Studies as the Forbes School of Business at Ashford University.
Outcome. The partnership connected Ashford’s business education offering with the Forbes brand.
- 2010Holiday Bowl title sponsorship
San Diego · United States
Bridgepoint Education served as title sponsor of the Holiday Bowl college football game from 2010 through 2013, supporting the company’s visibility in its San Diego market.
Outcome. The sponsorship continued through the 2013 game.
- 2005Bridgepoint Heroes employee volunteering
San Diego · United States
The Bridgepoint Heroes program organized employee volunteer activities supporting parks, schools, community facilities, and military-connected communities.
Outcome. Reported activities included environmental cleanups, school revitalization, and community restoration projects.
Brand decisions
2022
Wind down the companyStrategyBackground
The University of Arizona Global Campus relationship was ending, Zovio had continued to face losses and legal pressure, and the company no longer had its former university asset.
Action taken
Zovio began liquidating its remaining assets, including Fullstack Academy, and its board formally closed the business in September 2022.
Aftermath
Zovio ceased operating as an independent public education company after the sale of its remaining assets.
2020
Sell Ashford University to the University of ArizonaM&ABackground
Zovio was attempting to reduce its direct exposure to university ownership while retaining a role as an online education-services provider.
Action taken
Zovio sold Ashford University to the University of Arizona. The institution became the University of Arizona Global Campus, with Zovio continuing to provide services under contract.
Aftermath
Zovio’s business became more dependent on contracted services and other education-technology assets. The relationship was later scheduled to end in 2022.
2019
Rebrand Bridgepoint Education as ZovioStrategyBackground
The company sought to reposition itself from a traditional for-profit university operator toward a broader education-technology and services business.
Action taken
Bridgepoint changed its corporate name to Zovio, moved its headquarters to Chandler, Arizona, and moved its stock listing to Nasdaq under ZVO.
Aftermath
The new identity was used while the company expanded into tutoring, coding education, and online-program-management services.
2019
Acquire TutorMe and Fullstack AcademyM&ABackground
Zovio aimed to diversify its education portfolio beyond university ownership and degree enrollment.
Action taken
The company acquired TutorMe and Fullstack Academy, adding on-demand tutoring and coding education.
Aftermath
These businesses became part of Zovio’s education-technology and workforce-learning portfolio and later featured in the company’s liquidation plans.
Reported consideration for Fullstack Academy acquisition. Approximately $20 million (2019 acquisition)
2015
Sell the Clinton campus propertiesStrategyBackground
Ashford’s student population and delivery model had shifted heavily toward online education, reducing the operational need for the Iowa campus while increasing pressure to reduce physical-campus costs.
Action taken
Bridgepoint agreed to sell the Clinton, Iowa, campus properties and lease them for a transition period.
Aftermath
The campus later closed as Ashford moved to an online-only model, generating controversy about the company’s earlier commitments to the site.
Campus property sale price. $1.6 million (Agreement announced December 2015)
Recent events
- 2022
Zovio announces termination of University of Arizona Global Campus contract[1]
Other
The company announced that its services relationship with the University of Arizona Global Campus would end.
- 2022
Zovio closes after asset liquidation[1]
Bankruptcy · M&A
The board formally closed the company after the final assets were sold or placed into liquidation, including the planned disposition of Fullstack Academy.
- 2021
Zovio appoints Randy Hendricks as chief executive[1]
Leadership change
Zovio announced Randy Hendricks as its new chief executive officer.
- 2020
University of Arizona agrees to acquire Ashford University[1]
M&A
Zovio announced the sale of Ashford University to the University of Arizona, which subsequently operated it as the University of Arizona Global Campus.
- 2019
Bridgepoint changes its name to Zovio[1]
Leadership change · Other
Bridgepoint adopted the Zovio name, moved its headquarters to Chandler, Arizona, and transferred its public listing to Nasdaq under ZVO.
- 2019
Zovio acquires TutorMe[1]
M&A · Product launch
Zovio expanded into on-demand tutoring through the acquisition of TutorMe.
- 2015
Bridgepoint sells Ashford campus properties[1]
Other
The company agreed to sell Ashford University’s Clinton, Iowa, campus properties and lease them for a transitional period.
- 2009
Bridgepoint Education lists on the New York Stock Exchange[1]
Other
Bridgepoint Education became a publicly traded company under the ticker BPI.
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