Sallie Mae Acquires Key Assets of Top Scholarship Search App Scholly
July 26 2023 - 4:30PM
Business Wire
Asset Acquisition Adds to Sallie Mae’s
Growing Suite of Education Solutions That Help Families Effectively
Plan and Pay for Higher Education
Sallie Mae to Make Scholly’s Scholarship
Search App Free For Students and Families
Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today
announced it has acquired several key assets of top scholarship
search app, Scholly. In addition to Scholly’s industry-leading
scholarship search and app, Sallie Mae will acquire Scholly’s
scholarship administration technology, and Scholly Offers, a
platform that matches users with strategic partners to help them
earn cash back.
Following the acquisition, Sallie Mae will make Scholly free for
all students, families, and other users, providing access to search
and apply for millions of dollars in scholarships. To date, Scholly
has helped millions of members secure more than $100 million in
scholarships. The company was founded by Christopher Gray, Nicholas
Pirollo, and Bryson Alef.
“With Scholly, we created a solution that helps level the
playing field and gives every student the opportunity to go to
college, regardless of their financial background,” said Gray, who
himself won $1.3 million in scholarships to attend Drexel
University and gained national attention when he landed a deal for
Scholly on ABC’s ‘Shark Tank.’ “Sallie Mae shares that same goal
and by making access to Scholly free, together we are further
investing in higher education access and affordability for students
and families from all backgrounds.”
“Acquiring Scholly’s key assets is aligned with our mission to
power confidence in students and families and further solidifies
Sallie Mae as an education solutions company,” said Jon Witter,
CEO, Sallie Mae. “It also allows us to harness and build on
Scholly’s innovative technology to unlock future strategic growth
opportunities. I’m thrilled to welcome Chris and his talented team
to Sallie Mae.”
The acquisition also includes some of Scholly’s technology,
intellectual property, and experienced staff. It follows Sallie
Mae’s acquisition of the assets of education technology firm Nitro
College in 2022.
“We know scholarships are critical to making college more
affordable but too often they go unclaimed due to a lack of
awareness or simply not knowing how to find them,” said Donna
Vieira, Chief Commercial Officer, Sallie Mae. “Through this
acquisition of assets, we’ll simplify the process, connecting more
students and families to a free, one-stop shop for all things
scholarships.”
Terms of the acquisition are not being disclosed as purchase
price is not material to the company. Squire Patton Boggs (US) LLP
served as legal advisor to Sallie Mae in this transaction. Peak
Technology Partners, LLC served as exclusive financial advisor to
Scholly Inc. and Carter Ledyard & Milburn LLP served as legal
advisor for this transaction.
For more information visit www.SallieMae.com. Download Scholly
for free at www.myScholly.com or in App store or on Google
Play.
Sallie Mae (Nasdaq: SLM) believes education and life-long
learning, in all forms, help people achieve great things. As the
leader in private student lending, we provide financing and
know-how to support access to college and offer products and
resources to help customers make new goals and experiences, beyond
college, happen. Learn more at SallieMae.com. Commonly known as
Sallie Mae, SLM Corporation and its subsidiaries are not sponsored
by or agencies of the United States of America.
Category: Corporate and Financial
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version on businesswire.com: https://www.businesswire.com/news/home/20230726114303/en/
Rick Castellano 302-451-2541 rick.castellano@salliemae.com
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