The University of Fredericton (UFred), a leading online university based in Fredericton, New Brunswick, was founded in 2005 with the aim of democratizing education and empowering working professionals across Canada and internationally. As the next evolution in furthering this mission, UFred today announces that it has been acquired by one of the foremost global leaders in online education, IU Group, proprietor of IU International University of Applied Sciences (IU).
The acquisition of UFred by IU comes after many years of significant growth in the prominence of online education globally. UFred, which currently has nearly 4,000 active students and has educated more than 12,000 professionals across Canada, has been working to revolutionize the way that online students study, providing engaging, industry-informed education for working professionals that otherwise may not have been able to return to their studies.
"We are excited to welcome UFred to our IU family. As we continue to grow, we enter a new era with UFred allowing us to continue building on our vision that everyone can access education to grow," said Dr. Sven Schuett, CEO of IU International University of Applied Sciences, "This partnership represents an important evolution for IU and will allow us to make significant investments for the future - bringing advantages and new opportunities to students as we extend our services around the world. It's a fantastic opportunity for IU to partner with one of Canada's leading online universities."
With the acquisition underway, both UFred and IU are focused on several core areas of development, including the proposal of fifteen new degree-level programs. These programs, which have all been chosen specifically due to their alignment with challenges in New Brunswick's current workforce, are expected to create a wide range of economic opportunities for students, local New Brunswick workers, and employers alike.
"Our government has been working closely with New Brunswick's post-secondary institutions to ensure the programs they offer align with the needs of our labour market," said Post-Secondary Education, Training and Labour Minister Trevor Holder. "This acquisition, along with the 15 new degree programs will be a significant boost to that objective."
Don Roy, President and Co-Founder at UFred echoed these sentiments, stating:
"As a private institution, we've never received public funding. Instead, we've grown explicitly through a base of overwhelmingly satisfied students. This investment will help us continue to serve the UFred community, and more than that, it will allow us to contribute in an even more significant capacity to the New Brunswick economy. This investment will also allow us to play a larger role in exporting quality Canadian education across the country and around the globe, and we're looking forward to working with our local communities to ensure that New Brunswick becomes a leader in the future of online education."
As the acquisition closes, there will be no impact to current students. UFred and IU will continue to work together towards building a bigger and brighter future for Canadian online education and beyond.
