SCT acquires Sallie Mae Solutions

CIOL Bureau
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BANGALORE: Nasdaq-listed SCT, a global online education leader has acquired the business of Bangalore-based Sallie Mae Solutions. Under the terms of the agreement, SCT will acquire Sallie Mae's student information systems business for higher education. After the acquisition, Sallie Mae is rechristened to SCT Software Solutions India.

Says Akila Krishnakumar, CEO, SCT Software Solutions, "We take pride in the fact that the products developed by the Bangalore team have been a key driver in the acquisition. Our proven capabilities in delivering high quality solutions in an aggressive time frame had a large part to play in SCT’s motivation to purchase Sallie Mae Solutions."

She adds, "The India based subsidiary will play a key role in SCT’s future growth plans. SCT’s high-end solutions for large and complex institutions on the Microsoft .Net Platform — named SCT Matrix — is being fully developed in India."

As the leading administrative systems vendor to higher education institutions worldwide, SCT enjoys a customer base of more than 1,300 institutions and 8 million constituents. This is the platform from which they will market their next generation of products, including the entire suite of products developed by SCT Software Solutions, Bangalore on the Microsoft .NET platform. SCT believes that the technical capabilities of the products combined with SCT’s reputation, commitment, and marketing strength, will produce solutions that will be unmatched in the marketplace.

"SCT is continually looking for ways to provide clients with new product and service options that add value to academic and administrative processes. We are pursuing innovative opportunities that will help SCT redefine the business and delivery of education world-wide," said Akila Krishnakumar, CEO, SCT Software Solutions.

She added, " Recruitment plans remain unaffected by this transition and will continue to progress as planned. In line with past practices, our product development plans will determine the need for hiring in the areas that are required. Based on current plans, we expect to grow by at least 20% this year."