Sallie Mae Acquires Key Assets of Top Scholarship Search App Scholly

Rhea-AI Summary

Sallie Mae has acquired key assets of scholarship search app Scholly, including the app itself, scholarship administration technology, and a platform for earning cash back. Sallie Mae will make Scholly free for all users, providing access to millions of dollars in scholarships. The acquisition aligns with Sallie Mae's mission to power confidence in students and families and solidifies its position as an education solutions company. The terms of the acquisition were not disclosed.

Positive

• Sallie Mae has acquired key assets of Scholly, including the app and scholarship administration technology
• Scholly has helped members secure over $100 million in scholarships
• Sallie Mae will make Scholly free for all users, providing access to millions of dollars in scholarships

Negative

• The terms of the acquisition were not disclosed

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

NEWARK, Del.--(BUSINESS WIRE)-- 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

View source version on businesswire.com: https://www.businesswire.com/news/home/20230726114303/en/

Rick Castellano

302-451-2541

rick.castellano@salliemae.com

Source: Sallie Mae

FAQ

What assets did Sallie Mae acquire from Scholly?

Sallie Mae acquired the app, scholarship administration technology, and a platform for earning cash back

How much money in scholarships has Scholly helped secure?

Scholly has helped members secure over $100 million in scholarships

Will Scholly be free for all users?

Yes, Sallie Mae will make Scholly free for all users, providing access to millions of dollars in scholarships

What is Sallie Mae's mission?

Sallie Mae's mission is to power confidence in students and families and provide education solutions