Higher One, a Connecticut-based financial services and payment company focused exclusively on higher education, has reached a definitive agreement to acquire CASHNet, a California-based provider of payment management services to colleges and universities.
Higher One has said that the 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 range of student services. Students and parents will gain more choices and flexibility to manage their payments and refunds. However, the financial terms of the transaction were not disclosed.
Dean Hatton, CEO of Higher One, said: “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.”
“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.”
Dan Peterson, CEO of CASHNet, said: “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. 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.”
