I just received a press release from Upromise that they are being acquired by Sallie Mae (NYSE: SLM).
This is big news for the renowned super affiliate. Under the terms of the transaction, Upromise will become a wholly owned subsidiary of Sallie Mae, however Upromise will retain their brand identity, management team and operations in Needham, MA.
“Upromise’s savings plans, when linked with the purchasing power of their rewards program, provide tremendous incentives to help save for a college education,” said Tim Fitzpatrick, CEO of Sallie Mae.
On a side note, I am happy to say that I haven’t had to write a check to Sallie May since the late 90s, when I paid back all of the cash I’d borrowed for my edumacation – pesky student loans!