Acquisition Expands Refund and Payment Service Offering
New Haven, CT - Higher One, a financial services and payment company focused exclusively on higher education, today announced that it has reached a definitive agreement to acquire CASHNet, a leader in payment management services to colleges and universities. Colleges and universities will be able to leverage refund as well as payment services within one relationship. New and existing customers will be able to leverage cost savings initiatives across a broad range of student services. Students and parents will gain more choices and flexibility to manage their payments and refunds. Financial terms of the transaction were not disclosed.
"The combination of our business with CASHNet's provides Higher One with a significant opportunity to enhance the scope of value-added services we provide our university and college partners," commented Dean Hatton, CEO of Higher One. "CASHNet is a service-oriented company with an exceptional track record as a leading payment management company in higher education. They have a strong product offering and a customer service focus that aligns seamlessly with our own high standards. This allows us to serve as a one stop shop for clients as we can offer a full array of best in class services for refunds, payments, electronic billing, payment plans, and more."
"For over 20 years, the colleges and universities with which we do business have relied on us for our ability to simplify customer services while supporting their unique payment processing requirements," commented Dan Peterson, CEO of CASHNet. "Our clients will continue to benefit from the same services but will also have access to additional value-added services that have been developed to help best address those business challenges impacting higher education in today's market."
This is the second acquisition for Higher One in as many years. The company purchased Educard last April, an affiliate of software developer Evisions, and established an integration with Evisions' popular IntelleCheck 3.0 software for higher education institutions. The deal has enabled Higher One to welcome an additional 28 colleges and universities since it closed.
Higher One currently serves 347 college and university campuses throughout the United States. CASHNet serves 312. To date, Higher One has distributed over $10.5 billion in refunds and serviced more than 3.5 million students across the country.
About Higher One
Founded in 2000, Higher One provides higher education institutions and their students with efficient, convenient and easy‐to‐use solutions to handle financial disbursements. These include: student refunds, on‐campus and community purchases, payroll and employee expenses, as well as the collection of payments from students, parents, and sponsors.
Higher One offers a suite of online banking services including the OneAccount, an FDIC Insured checking account, and OneCard, a Debit MasterCard(R). To date, Higher One has disbursed over $10.5 billion dollars in refunds for its clients and serviced more than 3.5 million students, faculty, and staff at over 347 distinguished public and private higher education institutions throughout the country.
Higher One recently ranked #148 on the 2009 Fast 500 list of the 500 Fastest Growing Technology Companies in the United States. Higher One is based in New Haven, CT.
About CASHNet
CASHNet is the leading provider of hosted PCI-compliant payment solutions for higher education. For over 20 years, CASHNet has helped academic institutions streamline operations, reduce transaction costs, and improve service to students, parents, faculty and staff. CASHNet's "any payment, anytime, anywhere" solution is deployed in hundreds of colleges and university campuses nationwide.
