Sallie Mae (Nasdaq: SLM), formally SLM Corporation, announced it has entered into a definitive agreement with Epic Research LLC to acquire Delaware based Nitro College (Nitro), a digital marketing and education solutions company. The deal will bring innovative products, tools, and resources to help students and families confidently navigate their higher education journey and enhance future strategic growth opportunities for Sallie Mae.
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Nitro is a leader in helping students and families evaluate how to responsibly plan and pay for college and manage their financial responsibilities after graduation. The company provides a variety of free financial aid tools and resources, including a scholarship finder and FAFSA support as well calculators, research, and education to help students and families make informed decisions about college.
“This is an exciting day for Nitro as we bring our products and services aimed at helping students and families afford higher education to Sallie Mae,” said Justin Moran, Chief Digital Officer, Nitro. “Through our partnership over the last several years, we’ve realized that Nitro and Sallie Mae share a common goal of filling the confidence gaps students and families face when planning and paying for college. Now as part of Sallie Mae, we’re looking to deliver new and exciting digital solutions for our combined customers and open the door for more tech-focused job opportunities in Delaware.”
Sallie Mae has had a partnership with Nitro since 2017. When complete, the acquisition – including Nitro’s intellectual property and experienced staff of financial services, marketing, and education professionals – is expected to immediately expand Sallie Mae’s digital marketing capabilities and further advance the company as a broader education solutions provider for students before, during, and immediately after college.
“The acquisition of Nitro was a unique opportunity to bring two Delaware-based companies together with a shared goal of helping students and families responsibly plan and pay for college,” said Jon Witter, CEO, Sallie Mae. “Nitro will significantly enhance our reach to current and prospective college students and their parents – providing financing options, tools, and resources to power confidence in their higher education journey. The acquisition is also consistent with our strategy of harnessing innovative technology to meet the growing needs of our current and future customers. Nitro has already been a terrific partner and we’re looking forward to welcoming their talented team to Sallie Mae.”
“We know Nitro’s platform well and look forward to building on, and extending, those capabilities,” said Donna Vieira, Chief Commercial Officer, Sallie Mae. “This acquisition not only means a dramatic increase in our reach and expanded brand position, but also should bring future growth opportunities through other product areas like our credit cards, savings, and deposits.”
The transaction is subject to customary approvals and closing conditions and is expected to close in the first quarter of 2022. Terms of the acquisition are not being disclosed as the purchase price is not material to the company. Keefe, Bruyette & Woods, Inc., a Stifel Company, served as exclusive financial advisor and Davis Polk & Wardwell LLP served as legal advisor to Sallie Mae in this transaction. Broadhaven Capital Partners served as exclusive financial advisor and Morris, Nichols, Arsht & Tunnell LLP served as legal advisor to Epic Research LLC in this transaction.
Nitro based in Wilmington, DE, Nitro is committed to helping college students and their families by offering a variety of resources to help them finance their higher education. Nitro is wholly owned by Epic Research, a marketing company specializing in helping financial services companies acquire new customers through organic growth.