SLM - Sallie Mae to acquire key assets of Scholly scholarship search app

2023-07-26 17:21:07 ET

• Sallie Mae ( NASDAQ: SLM ), a private student lender, said on Wednesday that it acquired several key assets of scholarship search app Scholly. The transaction aligns with SLM's "mission to power confidence in students and families," said CEO Jon Witter.
• In addition to the scholarship search and app, SLM will acquire Scholly's scholarship administration technology and Scholly Offers, a platform that matches users with strategic partners to help them earn cash back.
• After the acquisition, Salle Mae ( SLM ) will make Scholly free for all students, families and other users, providing access to search for and apply for millions of dollars in scholarships.
• Financial terms of the deal weren't disclosed. Sallie Mae ( SLM ) said the acquisition also includes some of Scholly's technology, intellectual property, and staff.
• Earlier, Sallie Mae ( SLM ) non-GAAP EPS of $1.10 misses by $0.07, revenue of $386.6M beats by $19.32M

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