Like CordiaGrad

closed 3/2/2016 via BNC Analysis

CordiaGrad, acquired CordiaGrad

synopsis: Jack Zoeller, the founder of Cordia Bancorp, relinquished his role as CEO of the company in conjunction with his purchase and independent spin-off of CordiaGrad, a student loan refinance company that launched within the bank last year. CordiaGrad refinance for both undergraduate or graduate degrees and accept applications from nearly 1,000 schools.
buyer: CordiaGrad
CordiaGrad is a student loan refinancing program designed to reward student loan borrowers, who achieved well in school, started a career, and have taken care of their credit, with a low-cost refinance loan. "
target parent: Cordia Bancorp Inc.
target: CordiaGrad
CordiaGrad is a student loan refinancing program designed to reward student loan borrowers, who achieved well in school, started a career, and have taken care of their credit, with a low-cost refinance loan.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/9/2019 via BusinessWire

E-Trade Financial Corp., acquired Gradifi, Inc.

synopsis: E*TRADE Financial Corporate Services, Inc. has acquired Gradifi, a student loan benefit and financial wellness provider. The deal meaningfully bolsters the E*TRADE Corporate Services offering to include financial wellness and student loan solutions as part of a comprehensive benefits platform.
buyer: E-Trade Financial Corp. (ETFC:$2,937.00)
The E*TRADE Financial family of companies provides financial services, including trading, investing, banking, and managing employee stock, securities products and services, commodity futures and options, student loan benefit plans, and more. "
target parent: General Atlantic, LLC
target: Gradifi, Inc.
Gradifi is leading the way in providing innovative financial benefits that empower employers to help brighten the financial futures of their employees with contributions to their student loans, options to refinance their loans, and help save for their children’s educational futures.
price ($mm)
$30
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 5/9/2018 via PR Newswire

Lumni, acquired Paytronage, Inc.

synopsis: Lumni, an international financial technology company focused on increasing the affordability and accessibility of higher education, announced the acquisition of Paytronage, a 9-month old NYC-based direct-to-consumer marketplace for income share agreements (ISAs).
buyer: Lumni
Lumni is the world's largest and most-established player in the emerging income share agreements (ISA) space, having originated and serviced nearly 10,000 ISAs across Latin America. "
target: Paytronage, Inc.
Founded in August 2017, Paytronage launched as a direct-to-consumer marketplace connecting institutional lenders to students interested in taking out income share agreements. Paytronage launched at the University of Pennsylvania with a focus on offering ISAs to Ivy League students.
price ($mm)
rev ($mm)
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announced 10/19/2017 via PR Newswire

Nelnet, Inc., will acquire Great Lakes Higher Education Corporation

synopsis: Nelnet, one of the leading educational finance companies in the U.S., announced it has entered into a definitive and binding agreement with Great Lakes Higher Education Corporation to acquire 100% of the stock of their student loan servicing company, Great Lakes Educational Loan Services, Inc.
buyer: Nelnet, Inc. (NNI:$824.49)
Nelnet is one of the leading educational finance companies in the U.S. and is focused on providing quality student loan products and services to students and schools nationwide. "
target: Great Lakes Higher Education Corporation
Headquartered in Madison, Wisconsin, Great Lakes and its parent affiliated group have been helping students access higher education since 1967. They provide support to make higher education accessible, the financial aid process simpler, and the possibility of paying for college real.
price ($mm)
$150
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/12/2016 via BusinessWire

First Republic Bank, acquired Gradifi, Inc.

synopsis: First Republic Bank announced it has acquired Gradifi Inc., a Boston-based student loan repayment technology platform to assist the nation's 44 million student loan borrowers. Gradifi pioneered the SLP Plan (Student Loan Paydown), a technology and service platform used by employers to make direct contributions to employees’ student loans.
buyer parent: General Atlantic, LLC
buyer: First Republic Bank (FRC:$3,197.47)
First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service, with a commitment to responsiveness and action. "
target: Gradifi, Inc.
Gradifi is a Boston-based student loan pay down provider with the first innovative solution to the nation's $1.3 trillion student loan debt problem. The company is led by a management team that brings decades of combined experience in consumer financial services and entrepreneurial ventures.
price ($mm)
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closed 12/22/2015 via PR Newswire

Gradifi, Inc., acquired SmarterBucks

synopsis: Gradifi, a Boston-based startup, announced the acquisition of the SmarterBucks program from Valore. SmarterBucks provides members a variety of ways to earn value and apply it towards paying down student loan debt. Members participate by shopping at the SmarterBucks.com Marketplace, completing online surveys and by earning rewards with a debit card.
buyer: Gradifi, Inc.
Gradifi is a Boston-based start-up providing an innovative solution to the nation's student loan debt problem. By partnering with companies to develop employer SLP Plans (Student Loan Paydown), rewards programs and brand loyalty programs, Gradifi empowers students to repay their loan debt. "
target parent: Valore
target: SmarterBucks
SmarterBucks is a revolutionary rewards program that helps users pay down their student loans faster and for less. Users earn rewards on the money spent on brands featured in the SmarterBucks marketplace, and those rewards become extra student loan payments on any student loan.
price ($mm)
rev ($mm)
EBITDA ($mm)
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EV / EBITDA
closed 12/17/2012 via BusinessWire

Heartland Payment Systems Inc., acquired ECSI

synopsis: Heartland Payment Systems, one of the nation’s largest payments processors, has expanded its Campus Solutions division by acquiring ECSI, a leading provider of cost-effective, customized payments processing solutions for the higher education industry.
buyer: Heartland Payment Systems Inc. (HPY:$2,682.40)
Heartland Payment Systems, Inc. is a payments processor that delivers credit/debit/prepaid card processing, school solutions, loyalty marketing services, campus solutions, payroll and related business solutions and services to more than 250,000 business and education locations nationwide. "
target: ECSI
ECSI supports the entire life cycle of higher education and post-graduation school/student services, including student loan payment processing, default solutions, refund services, tuition payment plans, electronic billing and payment, tax document services, and business outsourcing.
price ($mm)
$38
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/27/2011 via BusinessWire

ESM, acquired BridgeSpan Financial LLC

synopsis: ESM acquired BridgeSpan Financial, a creator of unique solutions to forecast and manage student loan borrower delinquency and default. ESM will offer the Student Loan Chaperone service to schools, delivering personalized counseling and coaching for students to explore repayment options that fit their needs and lifestyles.
buyer: ESM
ESM provides student lifecycle solutions to help institutions enroll, graduate and place students. As a premier Business Process Outsourcer, ESM operates the largest education-only contact center in the country. "
target: BridgeSpan Financial LLC
BridgeSpan Financial LLC is an education finance company established in 2008 with the mission of creating better solutions for forecasting and managing student loan borrower delinquency and default.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 9/27/2017 via BusinessWire

ReliaMax, acquired FUTR Corporation

synopsis: ReliaMax, the complete private student lending solutions provider for banks, credit unions, schools and alternative lenders, announced it has acquired the assets of FUTR Corporation, a San Francisco- and Texas-based private student loan servicing provider.
buyer: ReliaMax
ReliaMax has redefined private student lending. Through its complete Private Student Loan Platform-as-a-Service solution ReliaMax enables lenders to quickly, easily and safely help student borrowers finance their education so they can realize their education goals. "
target: FUTR Corporation
FUTR is a private student loan servicer focused on bringing together technology and quality service to provide transparency and insight that borrowers need to manage private student loans.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/16/2012 via BusinessWire

United Recovery Systems, LP, acquired Enterprise Recovery Systems, Inc.

synopsis: United Recovery Systems, LP has acquired Enterprise Recovery Systems, Inc. ("ERS"). ERS is a provider of collection services with offices in Oak Brook, Illinois. ERS' clients include post-secondary education providers, student loan guarantee agencies, and the Department of Education.
buyer parent: Audax Group
buyer: United Recovery Systems, LP
United Recovery Systems, LP is a Texas-based Limited Partnership that provides collection services for credit card, retail, commercial, and deficiency loan industries in the United States. "
target: Enterprise Recovery Systems, Inc.
Enterprise Recovery Systems, Inc. specializes in the recovery and resolution of educational loans and institutional accounts for colleges, universities, state guarantee agencies, and lenders.
price ($mm)
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EBITDA ($mm)
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closed 2/4/2017 via BNC Analysis

SlicePay, acquired Trustio Technologies Private Limited

synopsis: Micro-lending startup SlicePay has acquired Delhi-based P2P lending platform Trustio in an all equity deal. Launched in 2016, Trustio is an invite-only platform for alumni of premier colleges to avail short-term credit from their fellow alumni.
buyer: SlicePay
Founded in 2015, SlicePay operates on a buy now, pay later model through which students can purchase products on credit without collateral. Repayments can be made on a monthly basis. It has partnered with the likes of Amazon, Paytm and Myntra. "
target: Trustio Technologies Private Limited
Trustio is a New Delhi based P2P lending company giving alumni-backed loans to students and recent graduates. Trustio allows alumni of a select number of colleges access to short-term credit sourced from their colleagues.
price ($mm)
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closed 6/5/2019 via BNC Analysis

Goal Structured Solutions, Inc. (GS2), acquired Skills Fund

synopsis: Skills Fund, a financing platform for bootcamps and tech skill training schools, announced that it has been acquired by Goal Structured Solutions, a company that operates as an asset management firm. Goal is the largest third-party provider of student loan services and currently manages a portfolio of over $26 billion.
buyer: Goal Structured Solutions, Inc. (GS2)
Goal Structured Solutions, Inc. (GS2), operates as an asset management firm. The company offers loan administration, loan and receivables purchasing, capital markets advisory services, and products and services to the education loan industry. "
target: Skills Fund
Skills Fund is a financing platform for bootcamps and tech skill training schools that partners with more than 70 schools and 400 programs. It lends money to students participating in programs in software development, web development, data science, and cybersecurity.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 7/4/2018 via BNC Analysis

Manappuram Finance Ltd, will acquire Indian School Finance Company Pvt Ltd

synopsis: Manappuram Finance Ltd, a NBFC ("non banking financial company") that provides multiple loan services, is planning to acquire Indian School Finance Company Pvt Ltd (ISFC), a NBFC that provides financial solutions and services to educational institutions.
buyer: Manappuram Finance Ltd (BSE:531213:$395.23)
Manappuram Finance Limited is a non banking financial company. They provide fund and fee based services in India. The company offers gold loans, SME and micro finance, forex and money transfer services, commercial vehicle loans, and many other services. "
target: Indian School Finance Company Pvt Ltd
Based in India, Indian School Finance Company Private Limited (ISFC) provides financial solutions and services to education institutions and entrepreneurs managing such institutions, to help improve quality of education imparted to students.
price ($mm)
$31*
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/30/2019 via Company Press Release

Reverence Capital Partners LLC, acquired Transact Campus Inc

synopsis: Blackboard Inc. announced that the company has completed the sale of its Blackboard Transact business unit to Reverence Capital Partners, LP. Through transformative payments, Transact partners with institutions to help them make their student and family experience mobile-centric.
buyer: Reverence Capital Partners LLC
Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market financial services businesses through control and influence oriented investments. "
target parent: Providence Equity Partners Inc.
target: Transact Campus Inc (ONE:$152.00)
Through transformative payments, Transact partners with institutions to help them make their student and family experience mobile-centric. Transact's open enterprise-class cloud platform enables mission-critical capabilities that translate into superior student and family experiences.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/30/2016 via Company Press Release

Follett Corporation, acquired Valore

synopsis: Follett Corporation, a global leader in education and entertainment content distribution, announced it has acquired Valore Inc. and the ValoreBooks marketplace solution for students and bookstores to buy, sell and rent college textbooks online.
buyer: Follett Corporation
Follett has been a trusted partner to PreK-12 schools, districts, and college campuses, taking care of the critical details that make it easier for schools to run, teachers to teach and students to learn. Follett is a leading provider of education technology, services and print and digital content. "
target: Valore
Valore offers innovative solutions that eliminate the inefficiencies throughout the textbook industry, and bring more affordable textbooks and higher quality courseware to students, bookstores, professors, and schools.
price ($mm)
rev ($mm)
EBITDA ($mm)
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closed 8/4/2016 via PR Newswire

Blackboard Inc., acquired Higher One, Inc.

synopsis: Blackboard Inc., the world's leading education technology company for teaching, learning and student engagement, completed its acquisition of Higher One Holdings, Inc. The acquisition will allow for collaboration between CASHNet, the market software leader in secure online payment of tuition and fees, and the Blackboard Transact business line.
buyer parent: Providence Equity Partners Inc.
buyer: Blackboard Inc. (BBBB:$447.32)
Blackboard is the world's leading education technology company. They challenge conventional thinking and advance new models of learning in order to reimagine education and make it more accessible, engaging and relevant to the modern day learner and the institutions that serve them. "
target: Higher One, Inc. (ONE:$152.00)
Higher One partners with colleges and universities to lower their administrative costs and to improve graduation rates. They provide an array of payment, refund disbursement and data analytics and management tools to institutions that help them save money and enhance institutional effectiveness.
price ($mm)[EV]
$186 [$173]*
rev ($mm)
$161
EBITDA ($mm)
EV / rev
1.5x
EV / EBITDA
announced 12/16/2015 via BusinessWire

BankMobile, will purchase Disbursements Business from Higher One, Inc.

synopsis: Higher One Holdings, Inc. announced that it reached an agreement to sell substantially all of the assets and certain of the liabilities of its Disbursements business, including the OneAccount, to BankMobile. Higher One’s Disbursements business includes its proprietary Refund Management® Disbursement Service and the OneAccount.
buyer parent: Customers Bank
buyer: BankMobile
BankMobile provides personal and commercial banking services through an online platform. It is the first bank in the U.S. With their app, customers can simply snap a photo to upload your driver’s license, deposit checks and even pay bills. "
seller: Higher One, Inc. (ONE:$152.00)
Higher One’s Disbursements business includes its proprietary Refund Management® Disbursement Service and the OneAccount. Refund Management® streamlines the financial aid refund disbursement process and the OneAccount is an FDIC-insured checking account offered through Higher One’s bank partners.
price ($mm)
$37
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/5/2015 via BNC Analysis

Affirm, acquired Lendlayer

synopsis: Affirm, a next-generation consumer finance company, has completed the acquisition of LendLayer, an online social lending platform that enables users to pay for their education. LendLayer provides lending for accelerated learning programs like Hackbright Academy.
buyer: Affirm
Affirm is a next-generation consumer finance company providing shoppers with instant point-of-sale financing for online purchases. Affirm’s data-driven approach looks beyond a standard credit score to reach broader consumer populations. "
target: Lendlayer
LendLayer, Inc. operates an online social lending platform that enables users to pay for their education. The company was founded in 2014 and is based in San Francisco, California
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
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closed 12/2/2009 via PR Newswire

SimpleTuition Inc., acquired TuitionCoach

synopsis: SimpleTuition, Inc., the premier destination for personalized student loan research and comparison, has acquired TuitionCoach, the leading website for personalized college financial guidance. Terms of the deal were not disclosed.
buyer: SimpleTuition Inc.
SimpleTuition is committed to helping students and parents figure out how to make college affordable. SimpleTuition.com features interactive tools for a personalized approach to understanding the college funding system and available education financing options. "
target: TuitionCoach
TuitionCoach is a personalized internet-based program that guides families step-by-step through the college financial aid process, offering: expert tips for completing financial aid applications; analysis of college funding options; and email consultation.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 5/18/2009 via PR Newswire

Freshman Fund, Inc. will be merged with Wee Web,

synopsis: Wee Web, the private sharing service for families, and Freshman Fund, the college savings gift registry, announced an agreement to merge the two companies. Together, continuing under the name Wee Web, these services create a single destination for families to stay connected and facilitate education savings.
buyer: Wee Web
Wee Web helps families share moments and stay connected - no matter where everyone lives. As a simple, secure and private service, Wee Web makes it easy for parents to keep family and friends involved in their kids' rapidly changing lives so no one misses the special moments that happen only once. "
target: Freshman Fund, Inc.
Freshman Fund is an easy way for parents, relatives and friends to contribute gift money to college savings. Birthdays, holidays and other events could be opportunities for a more meaningful, practical gift. As every parent knows, the sooner you start saving, the easier it is.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/21/2017 via BNC Analysis

Purefy Inc., acquired Practiced Strategies, Inc.

synopsis: Purefy, a leading provider of student loan refinancing, announced that it has acquired Practiced Strategies Inc. (PSI). Practiced Strategies creates integrated solutions using techniques that effectively harness the power of the cloud to distribute data and transform it into a user-rich experience.
buyer: Purefy Inc.
Since its online launch in 2014, Purefy has pioneered a pro-consumer and innovative approach to student loan refinancing. With a commitment to honest and personalized service, Purefy builds platforms around the information and tools borrowers need to save money and get out of debt sooner. "
target: Practiced Strategies, Inc.
Practiced Strategies creates integrated solutions using techniques that effectively harness the power of the cloud to distribute data and transform it into a user-rich experience.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/2/2016 via BNC Analysis

CordiaGrad, acquired CordiaGrad

synopsis: Jack Zoeller, the founder of Cordia Bancorp, relinquished his role as CEO of the company in conjunction with his purchase and independent spin-off of CordiaGrad, a student loan refinance company that launched within the bank last year. CordiaGrad refinance for both undergraduate or graduate degrees and accept applications from nearly 1,000 schools.
buyer: CordiaGrad
CordiaGrad is a student loan refinancing program designed to reward student loan borrowers, who achieved well in school, started a career, and have taken care of their credit, with a low-cost refinance loan. "
target parent: Cordia Bancorp Inc.
target: CordiaGrad
CordiaGrad is a student loan refinancing program designed to reward student loan borrowers, who achieved well in school, started a career, and have taken care of their credit, with a low-cost refinance loan.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/21/2017 via BNC Analysis

Purefy Inc., acquired Practiced Strategies, Inc.

synopsis: Purefy, a leading provider of student loan refinancing, announced that it has acquired Practiced Strategies Inc. (PSI). Practiced Strategies creates integrated solutions using techniques that effectively harness the power of the cloud to distribute data and transform it into a user-rich experience.
buyer: Purefy Inc.
Since its online launch in 2014, Purefy has pioneered a pro-consumer and innovative approach to student loan refinancing. With a commitment to honest and personalized service, Purefy builds platforms around the information and tools borrowers need to save money and get out of debt sooner. "
target: Practiced Strategies, Inc.
Practiced Strategies creates integrated solutions using techniques that effectively harness the power of the cloud to distribute data and transform it into a user-rich experience.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/2/2016 via BNC Analysis

CordiaGrad, acquired CordiaGrad

synopsis: Jack Zoeller, the founder of Cordia Bancorp, relinquished his role as CEO of the company in conjunction with his purchase and independent spin-off of CordiaGrad, a student loan refinance company that launched within the bank last year. CordiaGrad refinance for both undergraduate or graduate degrees and accept applications from nearly 1,000 schools.
buyer: CordiaGrad
CordiaGrad is a student loan refinancing program designed to reward student loan borrowers, who achieved well in school, started a career, and have taken care of their credit, with a low-cost refinance loan. "
target parent: Cordia Bancorp Inc.
target: CordiaGrad
CordiaGrad is a student loan refinancing program designed to reward student loan borrowers, who achieved well in school, started a career, and have taken care of their credit, with a low-cost refinance loan.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/2/2016 via BNC Analysis

CordiaGrad, acquired CordiaGrad

synopsis: Jack Zoeller, the founder of Cordia Bancorp, relinquished his role as CEO of the company in conjunction with his purchase and independent spin-off of CordiaGrad, a student loan refinance company that launched within the bank last year. CordiaGrad refinance for both undergraduate or graduate degrees and accept applications from nearly 1,000 schools.
buyer: CordiaGrad
CordiaGrad is a student loan refinancing program designed to reward student loan borrowers, who achieved well in school, started a career, and have taken care of their credit, with a low-cost refinance loan. "
target parent: Cordia Bancorp Inc.
target: CordiaGrad
CordiaGrad is a student loan refinancing program designed to reward student loan borrowers, who achieved well in school, started a career, and have taken care of their credit, with a low-cost refinance loan.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/9/2019 via BusinessWire

E-Trade Financial Corp., acquired Gradifi, Inc.

synopsis: E*TRADE Financial Corporate Services, Inc. has acquired Gradifi, a student loan benefit and financial wellness provider. The deal meaningfully bolsters the E*TRADE Corporate Services offering to include financial wellness and student loan solutions as part of a comprehensive benefits platform.
buyer: E-Trade Financial Corp. (ETFC:$2,937.00)
The E*TRADE Financial family of companies provides financial services, including trading, investing, banking, and managing employee stock, securities products and services, commodity futures and options, student loan benefit plans, and more. "
target parent: General Atlantic, LLC
target: Gradifi, Inc.
Gradifi is leading the way in providing innovative financial benefits that empower employers to help brighten the financial futures of their employees with contributions to their student loans, options to refinance their loans, and help save for their children’s educational futures.
price ($mm)
$30
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 5/9/2018 via PR Newswire

Lumni, acquired Paytronage, Inc.

synopsis: Lumni, an international financial technology company focused on increasing the affordability and accessibility of higher education, announced the acquisition of Paytronage, a 9-month old NYC-based direct-to-consumer marketplace for income share agreements (ISAs).
buyer: Lumni
Lumni is the world's largest and most-established player in the emerging income share agreements (ISA) space, having originated and serviced nearly 10,000 ISAs across Latin America. "
target: Paytronage, Inc.
Founded in August 2017, Paytronage launched as a direct-to-consumer marketplace connecting institutional lenders to students interested in taking out income share agreements. Paytronage launched at the University of Pennsylvania with a focus on offering ISAs to Ivy League students.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 10/19/2017 via PR Newswire

Nelnet, Inc., will acquire Great Lakes Higher Education Corporation

synopsis: Nelnet, one of the leading educational finance companies in the U.S., announced it has entered into a definitive and binding agreement with Great Lakes Higher Education Corporation to acquire 100% of the stock of their student loan servicing company, Great Lakes Educational Loan Services, Inc.
buyer: Nelnet, Inc. (NNI:$824.49)
Nelnet is one of the leading educational finance companies in the U.S. and is focused on providing quality student loan products and services to students and schools nationwide. "
target: Great Lakes Higher Education Corporation
Headquartered in Madison, Wisconsin, Great Lakes and its parent affiliated group have been helping students access higher education since 1967. They provide support to make higher education accessible, the financial aid process simpler, and the possibility of paying for college real.
price ($mm)
$150
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/12/2016 via BusinessWire

First Republic Bank, acquired Gradifi, Inc.

synopsis: First Republic Bank announced it has acquired Gradifi Inc., a Boston-based student loan repayment technology platform to assist the nation's 44 million student loan borrowers. Gradifi pioneered the SLP Plan (Student Loan Paydown), a technology and service platform used by employers to make direct contributions to employees’ student loans.
buyer parent: General Atlantic, LLC
buyer: First Republic Bank (FRC:$3,197.47)
First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service, with a commitment to responsiveness and action. "
target: Gradifi, Inc.
Gradifi is a Boston-based student loan pay down provider with the first innovative solution to the nation's $1.3 trillion student loan debt problem. The company is led by a management team that brings decades of combined experience in consumer financial services and entrepreneurial ventures.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/22/2015 via PR Newswire

Gradifi, Inc., acquired SmarterBucks

synopsis: Gradifi, a Boston-based startup, announced the acquisition of the SmarterBucks program from Valore. SmarterBucks provides members a variety of ways to earn value and apply it towards paying down student loan debt. Members participate by shopping at the SmarterBucks.com Marketplace, completing online surveys and by earning rewards with a debit card.
buyer: Gradifi, Inc.
Gradifi is a Boston-based start-up providing an innovative solution to the nation's student loan debt problem. By partnering with companies to develop employer SLP Plans (Student Loan Paydown), rewards programs and brand loyalty programs, Gradifi empowers students to repay their loan debt. "
target parent: Valore
target: SmarterBucks
SmarterBucks is a revolutionary rewards program that helps users pay down their student loans faster and for less. Users earn rewards on the money spent on brands featured in the SmarterBucks marketplace, and those rewards become extra student loan payments on any student loan.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/17/2012 via BusinessWire

Heartland Payment Systems Inc., acquired ECSI

synopsis: Heartland Payment Systems, one of the nation’s largest payments processors, has expanded its Campus Solutions division by acquiring ECSI, a leading provider of cost-effective, customized payments processing solutions for the higher education industry.
buyer: Heartland Payment Systems Inc. (HPY:$2,682.40)
Heartland Payment Systems, Inc. is a payments processor that delivers credit/debit/prepaid card processing, school solutions, loyalty marketing services, campus solutions, payroll and related business solutions and services to more than 250,000 business and education locations nationwide. "
target: ECSI
ECSI supports the entire life cycle of higher education and post-graduation school/student services, including student loan payment processing, default solutions, refund services, tuition payment plans, electronic billing and payment, tax document services, and business outsourcing.
price ($mm)
$38
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/27/2011 via BusinessWire

ESM, acquired BridgeSpan Financial LLC

synopsis: ESM acquired BridgeSpan Financial, a creator of unique solutions to forecast and manage student loan borrower delinquency and default. ESM will offer the Student Loan Chaperone service to schools, delivering personalized counseling and coaching for students to explore repayment options that fit their needs and lifestyles.
buyer: ESM
ESM provides student lifecycle solutions to help institutions enroll, graduate and place students. As a premier Business Process Outsourcer, ESM operates the largest education-only contact center in the country. "
target: BridgeSpan Financial LLC
BridgeSpan Financial LLC is an education finance company established in 2008 with the mission of creating better solutions for forecasting and managing student loan borrower delinquency and default.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 9/27/2017 via BusinessWire

ReliaMax, acquired FUTR Corporation

synopsis: ReliaMax, the complete private student lending solutions provider for banks, credit unions, schools and alternative lenders, announced it has acquired the assets of FUTR Corporation, a San Francisco- and Texas-based private student loan servicing provider.
buyer: ReliaMax
ReliaMax has redefined private student lending. Through its complete Private Student Loan Platform-as-a-Service solution ReliaMax enables lenders to quickly, easily and safely help student borrowers finance their education so they can realize their education goals. "
target: FUTR Corporation
FUTR is a private student loan servicer focused on bringing together technology and quality service to provide transparency and insight that borrowers need to manage private student loans.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/16/2012 via BusinessWire

United Recovery Systems, LP, acquired Enterprise Recovery Systems, Inc.

synopsis: United Recovery Systems, LP has acquired Enterprise Recovery Systems, Inc. ("ERS"). ERS is a provider of collection services with offices in Oak Brook, Illinois. ERS' clients include post-secondary education providers, student loan guarantee agencies, and the Department of Education.
buyer parent: Audax Group
buyer: United Recovery Systems, LP
United Recovery Systems, LP is a Texas-based Limited Partnership that provides collection services for credit card, retail, commercial, and deficiency loan industries in the United States. "
target: Enterprise Recovery Systems, Inc.
Enterprise Recovery Systems, Inc. specializes in the recovery and resolution of educational loans and institutional accounts for colleges, universities, state guarantee agencies, and lenders.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 2/4/2017 via BNC Analysis

SlicePay, acquired Trustio Technologies Private Limited

synopsis: Micro-lending startup SlicePay has acquired Delhi-based P2P lending platform Trustio in an all equity deal. Launched in 2016, Trustio is an invite-only platform for alumni of premier colleges to avail short-term credit from their fellow alumni.
buyer: SlicePay
Founded in 2015, SlicePay operates on a buy now, pay later model through which students can purchase products on credit without collateral. Repayments can be made on a monthly basis. It has partnered with the likes of Amazon, Paytm and Myntra. "
target: Trustio Technologies Private Limited
Trustio is a New Delhi based P2P lending company giving alumni-backed loans to students and recent graduates. Trustio allows alumni of a select number of colleges access to short-term credit sourced from their colleagues.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/5/2019 via BNC Analysis

Goal Structured Solutions, Inc. (GS2), acquired Skills Fund

synopsis: Skills Fund, a financing platform for bootcamps and tech skill training schools, announced that it has been acquired by Goal Structured Solutions, a company that operates as an asset management firm. Goal is the largest third-party provider of student loan services and currently manages a portfolio of over $26 billion.
buyer: Goal Structured Solutions, Inc. (GS2)
Goal Structured Solutions, Inc. (GS2), operates as an asset management firm. The company offers loan administration, loan and receivables purchasing, capital markets advisory services, and products and services to the education loan industry. "
target: Skills Fund
Skills Fund is a financing platform for bootcamps and tech skill training schools that partners with more than 70 schools and 400 programs. It lends money to students participating in programs in software development, web development, data science, and cybersecurity.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 7/4/2018 via BNC Analysis

Manappuram Finance Ltd, will acquire Indian School Finance Company Pvt Ltd

synopsis: Manappuram Finance Ltd, a NBFC ("non banking financial company") that provides multiple loan services, is planning to acquire Indian School Finance Company Pvt Ltd (ISFC), a NBFC that provides financial solutions and services to educational institutions.
buyer: Manappuram Finance Ltd (BSE:531213:$395.23)
Manappuram Finance Limited is a non banking financial company. They provide fund and fee based services in India. The company offers gold loans, SME and micro finance, forex and money transfer services, commercial vehicle loans, and many other services. "
target: Indian School Finance Company Pvt Ltd
Based in India, Indian School Finance Company Private Limited (ISFC) provides financial solutions and services to education institutions and entrepreneurs managing such institutions, to help improve quality of education imparted to students.
price ($mm)
$31*
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/30/2019 via Company Press Release

Reverence Capital Partners LLC, acquired Transact Campus Inc

synopsis: Blackboard Inc. announced that the company has completed the sale of its Blackboard Transact business unit to Reverence Capital Partners, LP. Through transformative payments, Transact partners with institutions to help them make their student and family experience mobile-centric.
buyer: Reverence Capital Partners LLC
Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market financial services businesses through control and influence oriented investments. "
target parent: Providence Equity Partners Inc.
target: Transact Campus Inc (ONE:$152.00)
Through transformative payments, Transact partners with institutions to help them make their student and family experience mobile-centric. Transact's open enterprise-class cloud platform enables mission-critical capabilities that translate into superior student and family experiences.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/30/2016 via Company Press Release

Follett Corporation, acquired Valore

synopsis: Follett Corporation, a global leader in education and entertainment content distribution, announced it has acquired Valore Inc. and the ValoreBooks marketplace solution for students and bookstores to buy, sell and rent college textbooks online.
buyer: Follett Corporation
Follett has been a trusted partner to PreK-12 schools, districts, and college campuses, taking care of the critical details that make it easier for schools to run, teachers to teach and students to learn. Follett is a leading provider of education technology, services and print and digital content. "
target: Valore
Valore offers innovative solutions that eliminate the inefficiencies throughout the textbook industry, and bring more affordable textbooks and higher quality courseware to students, bookstores, professors, and schools.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/4/2016 via PR Newswire

Blackboard Inc., acquired Higher One, Inc.

synopsis: Blackboard Inc., the world's leading education technology company for teaching, learning and student engagement, completed its acquisition of Higher One Holdings, Inc. The acquisition will allow for collaboration between CASHNet, the market software leader in secure online payment of tuition and fees, and the Blackboard Transact business line.
buyer parent: Providence Equity Partners Inc.
buyer: Blackboard Inc. (BBBB:$447.32)
Blackboard is the world's leading education technology company. They challenge conventional thinking and advance new models of learning in order to reimagine education and make it more accessible, engaging and relevant to the modern day learner and the institutions that serve them. "
target: Higher One, Inc. (ONE:$152.00)
Higher One partners with colleges and universities to lower their administrative costs and to improve graduation rates. They provide an array of payment, refund disbursement and data analytics and management tools to institutions that help them save money and enhance institutional effectiveness.
price ($mm)[EV]
$186 [$173]*
rev ($mm)
$161
EBITDA ($mm)
EV / rev
1.5x
EV / EBITDA
announced 12/16/2015 via BusinessWire

BankMobile, will purchase Disbursements Business from Higher One, Inc.

synopsis: Higher One Holdings, Inc. announced that it reached an agreement to sell substantially all of the assets and certain of the liabilities of its Disbursements business, including the OneAccount, to BankMobile. Higher One’s Disbursements business includes its proprietary Refund Management® Disbursement Service and the OneAccount.
buyer parent: Customers Bank
buyer: BankMobile
BankMobile provides personal and commercial banking services through an online platform. It is the first bank in the U.S. With their app, customers can simply snap a photo to upload your driver’s license, deposit checks and even pay bills. "
seller: Higher One, Inc. (ONE:$152.00)
Higher One’s Disbursements business includes its proprietary Refund Management® Disbursement Service and the OneAccount. Refund Management® streamlines the financial aid refund disbursement process and the OneAccount is an FDIC-insured checking account offered through Higher One’s bank partners.
price ($mm)
$37
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/5/2015 via BNC Analysis

Affirm, acquired Lendlayer

synopsis: Affirm, a next-generation consumer finance company, has completed the acquisition of LendLayer, an online social lending platform that enables users to pay for their education. LendLayer provides lending for accelerated learning programs like Hackbright Academy.
buyer: Affirm
Affirm is a next-generation consumer finance company providing shoppers with instant point-of-sale financing for online purchases. Affirm’s data-driven approach looks beyond a standard credit score to reach broader consumer populations. "
target: Lendlayer
LendLayer, Inc. operates an online social lending platform that enables users to pay for their education. The company was founded in 2014 and is based in San Francisco, California
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/2/2009 via PR Newswire

SimpleTuition Inc., acquired TuitionCoach

synopsis: SimpleTuition, Inc., the premier destination for personalized student loan research and comparison, has acquired TuitionCoach, the leading website for personalized college financial guidance. Terms of the deal were not disclosed.
buyer: SimpleTuition Inc.
SimpleTuition is committed to helping students and parents figure out how to make college affordable. SimpleTuition.com features interactive tools for a personalized approach to understanding the college funding system and available education financing options. "
target: TuitionCoach
TuitionCoach is a personalized internet-based program that guides families step-by-step through the college financial aid process, offering: expert tips for completing financial aid applications; analysis of college funding options; and email consultation.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 5/18/2009 via PR Newswire

Freshman Fund, Inc. will be merged with Wee Web,

synopsis: Wee Web, the private sharing service for families, and Freshman Fund, the college savings gift registry, announced an agreement to merge the two companies. Together, continuing under the name Wee Web, these services create a single destination for families to stay connected and facilitate education savings.
buyer: Wee Web
Wee Web helps families share moments and stay connected - no matter where everyone lives. As a simple, secure and private service, Wee Web makes it easy for parents to keep family and friends involved in their kids' rapidly changing lives so no one misses the special moments that happen only once. "
target: Freshman Fund, Inc.
Freshman Fund is an easy way for parents, relatives and friends to contribute gift money to college savings. Birthdays, holidays and other events could be opportunities for a more meaningful, practical gift. As every parent knows, the sooner you start saving, the easier it is.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA

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Geography
Matching Companies
Ticker: NNI
 
 
 
 
 
 
 
 
Nelnet, Inc.
Nelnet, Inc.
Nelnet is one of the leading educational finance companies in the U.S. and is focused on providing quality student loan products and services to students and schools nationwide.
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2017
rev ($mm)
$824.49
EBITDA ($mm)
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Ticker: NAVI
 
 
 
 
 
 
 
 
Navient Corporation
Navient Corporation
Navient is a leading provider of asset management and business processing solutions for education, healthcare, and government clients at the federal, state, and local levels. The company helps its clients and millions of Americans achieve financial success through services and support.
year
2017
rev ($mm)
$1,910.00
EBITDA ($mm)
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$576.00
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Ticker: NNI
 
 
 
 
 
 
 
 
Nelnet, Inc.
Nelnet, Inc.
Nelnet is one of the leading educational finance companies in the U.S. and is focused on providing quality student loan products and services to students and schools nationwide.
year
2017
rev ($mm)
$824.49
EBITDA ($mm)
EBIT ($mm)
Net Income ($mm)
$256.75
Employees
3700
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Ticker: NAVI
 
 
 
 
 
 
 
 
Navient Corporation
Navient Corporation
Navient is a leading provider of asset management and business processing solutions for education, healthcare, and government clients at the federal, state, and local levels. The company helps its clients and millions of Americans achieve financial success through services and support.
year
2017
rev ($mm)
$1,910.00
EBITDA ($mm)
EBIT ($mm)
Net Income ($mm)
$576.00
Employees
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