Sallie Mae entered into a definitive agreement with Epic Research LLC to acquire Nitro College, a digital marketing and education solutions company based in Wilmington.
Terms were not disclosed, since the price does not amount to a material (large) amount for the publicly traded company based near Newark.
Nitro is one of a number of fintech start-ups that have emerged since Sallie Mae moved its headquarters to Delaware from the Washington, DC area more than a decade ago. Additionally, banks retained and expanded technology operations.
Sallie Mae also spun off loan servicing operations into another publicly traded company, Navient, based in Wilmington.
The acquisition 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, a release stated.
Nitro helps students and families evaluate how to 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 (student loan application) support as well calculators, research, and education to help students and families make informed decisions about college, according to the release.
“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 worked in partnership with Nitro since 2017. When complete, the acquisition – including Nitro’s intellectual property and staff of financial services, marketing, and education professionals – is expected to 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.”
The transaction is subject to customary approvals and closing conditions and is expected to close in the first quarter of this year.
