LINCOLN, Neb., Nov. 26, 2018 /PRNewswire/ -- Nelnet Business Solutions, Inc., a division of Nelnet, Inc. (NYSE: NNI), today announced its acquisition of 100 percent of the outstanding equity and membership interests of Tuition Management Systems LLC (TMS), a payments subsidiary of Cognition Financial Corporation, based in Warwick, R.I.
Founded in 1985, TMS offers tuition payment plans, billing services, payment technology solutions, and refund management to educational institutions. TMS has partnerships with more than 380 colleges and universities and 170 private K-12 schools across the country with a concentration of institutions in the northeast.
"We are excited for the opportunity to serve TMS' school customers. As a leading payment solutions provider, Nelnet Business Solutions is equipped for both the current and future needs of schools, students, and families with innovative technology and quality service," said DeeAnn Wenger, president of Nelnet Business Solutions. "We will ensure a seamless transition and look forward to the opportunity to elevate the payment and education experience for our school partners and the students and families they serve."
Nelnet Campus Commerce's product suite uses the latest technology to create an integrated payment experience for more than 900 colleges and universities across the country. The company's intuitive and secure solutions are PCI Level 1 validated and integrate with all major enterprise resource planning systems to help process every payment on campus.
FACTS serves more than three million students and families at over 11,500 K-12 schools, and manages $9 billion in tuition funds annually. FACTS offers a comprehensive suite of services, including tuition management, payment administration and processing, financial needs assessment, online application and enrollment, online payment forms, student administration software, and learning management systems. In 2011, FACTS purchased a portfolio of K-12 school contracts from TMS.
Forward-Looking and Cautionary Statements
Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or expected. Among the key factors that may have a direct bearing on Nelnet's operating results, performance, or financial condition expressed or implied by the forward-looking statements are the uncertain nature of the expected benefits from the acquisition and the ability to successfully integrate operations, changes in the marketplace, or changes in the demand for tuition payment plans, billing services, payment technology solutions, and refund management to educational institutions.
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