The strategic acquisition cements Summer’s status as a category leader in the student loan and education benefits space
Summer, the leading end-to-end workplace student loan and college cost planning solution, has announced the completion of an asset acquisition of Vault, formerly Student Loan Genius. This strategic move solidifies Summer's position as a pioneer in the student loan and education benefits sector.
Founded in 2013, Vault distinguished itself as an early innovator in the financial wellness category, serving more than 3,000 industry-leading employers and 401(k) recordkeepers. Vault’s enterprise tools have bolstered HR leaders’ employee recruiting and retention efforts by paying student loans, contributing to employee 529 college savings plans, and facilitating student loan retirement matching.
This strategic acquisition cements Summer’s status as a leader in the student loan and education benefits category and marks a significant milestone for the 7 year-old company. By integrating Vault's technology and expertise, Summer is further enhancing its comprehensive product suite for HR leaders that are looking for high-impact employee benefits, especially as HR demand heats up for effective financial wellness solutions.
"We are thrilled to welcome Vault into the Summer family. This acquisition brings talent and expanded resources that will empower us to better serve our existing employer clients as well as grow to support many more," said Will Sealy, Founder and CEO of Summer. "Summer is committed to delivering unparalleled customer support and leveraging our deep student loan expertise to benefit Vault's clients and end-users."
“We are excited to join Summer, the leading company in our category,” said Heather Lowe, Vault’s former Chief Operating Officer. “Summer’s technology platform immediately enhances our ability to tackle the major generational challenge of student debt and rising college costs for employees and their families across the country.”
In the all-cash transaction, Summer is acquiring certain Vault assets, intellectual property, and select client contracts. Following the acquisition, Vault’s existing products will be phased out, and Vault’s core team will join Summer. Summer offers employers a robust product suite to bolster their recruiting and retention initiatives, including (1) Summer Save, a platform for student loan optimization and college savings, (2) Summer Boost, which provides employer student loan contributions and tuition reimbursement, (3) Summer Secure, offering student loan retirement matching that is SECURE 2.0-compliant.
Summer's acquisition of Vault follows a string of significant advancements that underscore Summer's commitment to pioneering solutions in workplace benefits:
- Recently, the company announced the addition of Don Weinstein, ADP’s former Chief Product & Technology Officer, as Summer's first Chief Innovation Officer.
- Additionally, Michael Scully joined Summer as Chief Product Officer after previously leading Credit Karma’s core product division, Michelle Tran joined as Head of Commercial after previously leading strategic partnerships for Vestwell, and Dan Macklin joined as President, having previously founded SoFi in 2011.
- Summer also recently announced its Advisory Board of distinguished HR & People leaders who lead or formerly led Human Resources for industry-leading companies including Microsoft, Unilever, and Albertsons.
- Earlier this year, Summer pioneered an industry-leading partnership with ADP, enhancing their capabilities for 401(k) student loan matching for retirement plan participants.
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