No. There are situations where open source (meaning the code is available for developers to modify) makes a lot of sense, specifically when the product is of broad interest and hence there is a large pool of developers to share the burden of bug fixes and adding new features. Since scholarly journals are a specific professional segment, we decided to take on the task of fixing bugs, adding features, and centralizing development to make sure we make a great product.
Usually open source software is installed locally and maintained locally, and since we want Scholastica to be a hassle-free software solution that you don't have to maintain through your local IT department/consultant, we also handle hosting, database storage, and security measures all through the central site – which is another reason Scholastica is not open source. We do want to support third-party additions and integrating with other related software, so if you are a developer and want to work with an API or have ideas on how to add better functionality, definitely contact us.
You can also read more on our blog post Open Access ≠ Open Source.