To say this has been an exciting few weeks for Transact and Blackboard would be an understatement. Just three weeks ago, we announced our acquisition of Sequoia Retail Systems to expand our depth of solutions and innovation.

Today, I am equally proud to announce we have entered into a definitive agreement to purchase Higher One Holdings, Inc. Specifically, the CASHNet payments business.

With almost 30 years of serving the education community and predating Higher One, CASHNet should not be confused with Higher One’s former financial aid “refund” business, which was recently sold. CASHNet is the market leader in payment solutions serving higher education, with over 700 clients and millions of students nationwide.

CASHNet is a natural complement to Blackboard and Blackboard Transact in supporting institutions as they make a meaningful difference in the lives of the students they serve. This acquisition dramatically broadens and strengthens our commitment to the educational community. It recognizes our understanding of the dependency between student financial management, teaching and learning, and student engagement across the entire educational experience.

I am thrilled to welcome CASHNet to the Transact family.

For more specifics about the acquisition, please review our press release.

 

Additional Information

The tender offer described in this communication has not yet commenced.  This communication is provided for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell any securities.  Winchester Acquisition Corp. (“Purchaser”), a wholly-owned subsidiary of Winchester Acquisition Holdings Corp. (“Blackboard Acquisition”), a wholly owned subsidiary of Blackboard Super Holdco, Inc., intends to file with the Securities and Exchange Commission (the “SEC”) a Tender Offer Statement on Schedule TO containing an offer to purchase, a form of letter of transmittal and other documents relating to the tender offer, and Higher One Holdings, Inc. (“Higher One”) intends to file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer.  Blackboard Acquisition, Purchaser and Higher One intend to mail these documents without charge to Higher One stockholders.  Investors and stockholders should read those filings carefully when they become available as they will contain important information about the tender offer.  Those documents may be obtained without charge at the SEC’s website at www.sec.gov when they become available.  The offer to purchase and related materials when they become available may also be obtained without charge by contacting the information agent for the tender offer.

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