Moodle Partner and Moodlerooms owner, Blackboard, confirmed the acquisition of Higher One. Higher One is a digital enterprise services company. With the transaction, Blackboard now owns Higher One’s CASHNet platform, which offers student payment plan services, among others. Hundreds of colleges and universities worldwide use CASHNet, many of which have done so for over 30 years.
It is expected for CASHNet to join forces with Blackboard Transact, their “cashless campus” payment service. This will beef up Blackboard campus financial solutions portfolio.
Higher One had expressed an interest in a sale months ago. According to Chairman Paul Biddelman, the Board of Directors reviewed over 60 potential bids in many negotiation rounds. At last, an all-cash operation will set Blackboard back $260 million. Recent market capitalization of Higher One was $249.4 million.
As a public company, Blackboard reached up to $1.3 billion in value, before it went private in a merger with Bulldog Holdings, another private software application company. To move forward with the transfer from public to private of Higher One, Bulldog and Blackboard created a subsidiary, Winchester Acquisition Corp.
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