Nelnet Expands Higher Education Footprint with Acquisition of Next Gen Web Solutions

Rhea-AI Summary

Nelnet Business Services, a division of Nelnet, Inc. (NYSE: NNI), has acquired Next Gen Web Solutions, a Jacksonville-based provider of software solutions for higher education. Next Gen will be integrated into the Nelnet Campus Commerce business line under President Jackie Strohbehn.

Next Gen brings over 18 years of experience in higher education, having served more than 20 million students with solutions for streamlining administrative processes. The acquisition expands Nelnet's product offerings to include:

• Form building
• Financial aid exception processing
• Verification
• Scholarship management
• Work-study administrative support

The strategic move aims to diversify Nelnet's revenue streams while enhancing its service offerings to higher education institutions, leveraging existing shared client relationships.

Positive

• Expands product portfolio with complementary higher education software solutions
• Access to Next Gen's established customer base serving 20+ million students
• Revenue diversification opportunity in higher education market
• Synergies with existing shared clients

Negative

• Integration costs and risks not disclosed
• Acquisition price and financial terms not revealed

News Market Reaction

+0.74%

1 alert

+0.74% News Effect

On the day this news was published, NNI gained 0.74%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

LINCOLN, Neb., April 14, 2025 /PRNewswire/ -- Nelnet Business Services, a division of Nelnet, Inc. (NYSE: NNI), has acquired the outstanding equity and membership interests to become the sole owner of Next Gen Web Solutions (Next Gen), a longtime provider of software solutions within the higher education market.

As a result of the acquisition, Next Gen, headquartered in Jacksonville, FL, will be structured within the Nelnet Campus Commerce business line of Nelnet Business Services, under the leadership of Nelnet Campus Commerce President Jackie Strohbehn.

"The acquisition of Next Gen and its incorporation into Nelnet Campus Commerce supports our focus on diversifying revenue streams while bringing needed solutions to the higher education market," said Strohbehn.

With more than 18 years of higher education experience, Next Gen has served more than 20 million students, focusing on delivering solutions to streamline and automate administrative processes. 

"While we have a number of shared clients with Next Gen, the expansion of our product suite will help Nelnet Campus Commerce deliver additional value to higher education institutions," offered Strohbehn. "We will now be able to address customer needs for form building, financial aid exception processing, verification, scholarship management, and work-study administrative support."

"We are confident that our history with Next Gen will make this a smooth transition for all customers and excited by the opportunity to create new partnerships," concluded Strohbehn.

About Nelnet Campus Commerce
Nelnet Campus Commerce delivers unlimited payment opportunities for nearly 1,000 colleges and universities and serves over 8 million students across the United States. Using the latest technology to create unique and integrated payment experiences, Nelnet Campus Commerce solutions are PCI Level 1 validated and integrate with every major Enterprise Resource Planning (ERP) system. From payment processing and refunds to tuition payment plans and online storefronts, Nelnet Campus Commerce helps process every payment on campus.

About Nelnet Business Services
Nelnet Business Services (NBS) is a division of Nelnet, Inc. (NYSE: NNI), which provides payment technology and community management solutions for K-12 schools, higher education institutions, churches, and businesses in the U.S. and internationally. NBS serves nearly 1,000 higher education institutions and 12,000 K-12 schools worldwide.

View original content:https://www.prnewswire.com/news-releases/nelnet-expands-higher-education-footprint-with-acquisition-of-next-gen-web-solutions-302427825.html

SOURCE Nelnet Campus Commerce

FAQ

What services will Nelnet (NNI) gain from the Next Gen Web Solutions acquisition?

Nelnet gains form building, financial aid exception processing, verification, scholarship management, and work-study administrative support solutions.

How many students has Next Gen Web Solutions served before the Nelnet (NNI) acquisition?

Next Gen Web Solutions has served more than 20 million students over its 18+ years in higher education.

Where will Next Gen Web Solutions fit within Nelnet's (NNI) organizational structure?

Next Gen will be structured within the Nelnet Campus Commerce business line of Nelnet Business Services.

What is the strategic rationale behind Nelnet's (NNI) acquisition of Next Gen?

The acquisition aims to diversify revenue streams and expand Nelnet's product suite for higher education institutions.