Today,
Flywire Corporation (Flywire) (Nasdaq:
FLYW) a global payments enablement and software company, announced
that it has acquired StudyLink, an innovative provider of
international student admissions, application and agent management
software serving universities throughout Australia. The acquisition
is expected to build on Flywire’s existing education payments
business by enhancing the value it provides to its global client,
agent and payer base, and is expected to further accelerate its
market share in the Australian education sector. Flywire intends to
expand upon StudyLink's existing and successful track record of
providing top-tier solutions in Australia, where Flywire estimates
that there are more than 600,000 higher education international
students, with 75% of them being placed through education agents.
StudyLink provides an innovative, cloud-based interface for
universities and education agents to structure, streamline and
integrate international applications and enrollments into their
admissions process. Founded to make international student
admissions more efficient and transparent, StudyLink was looking to
incorporate payments within key workflow processes to accelerate
the application and acceptance process for its clients and agents.
The combination of StudyLink’s application and enrollment platform
with Flywire’s software and payments technology is expected to
capture and streamline the entire student payment journey, from
admissions through to deposit and tuition payments, as well as
strategic payables like agent commissions.
In connection with the acquisition, Flywire will also expand its
existing relationship with Navitas, the previous majority owners of
StudyLink, as a key payments partner for Navitas’s campuses and
colleges worldwide. This expanded relationship, together with
StudyLink’s extensive roster of leading education clients and
network of 20,000 agents, present meaningful growth opportunities
for Flywire.
“As we continue to embed deeper into the workflows of our
clients and power their vertical ecosystems, we seek opportunities
that will help us enhance our value proposition and accelerate
growth,” said Mike Massaro, CEO of Flywire. “This acquisition
enhances the StudyLink and Flywire offering to our shared
stakeholders in the higher ed ecosystem, and gives us the
opportunity to invest even more in our joint solutions to help
institutions, agents and payers get even more from our offerings.
With such an innovative platform, we are thrilled to have the
opportunity to leverage our global capabilities and teams to help
accelerate Studylink’s growth internationally beyond Australia. We
are pleased to build on our strong track record of strategic
acquisitions that supplement our continued organic growth, and
underscore our core thesis that software drives value in
payments..”
Capitalizing on rising international student mobility to
Australia
Australia has become one of the top destinations for
international students, acting as a boon to the Australian economy.
According to estimates from the Australian government, there were
more than 600,000 international students studying in Australia for
the January-July 2023 period, representing a 34% increase compared
to the same period last year. These students are expected to
contribute AUD30 billion to the Australian economy this year.
Consistent with this growth, international education agents are
becoming increasingly important in helping to place students into
Australian universities. In a recent study by Navitas, 27% of
Australian universities surveyed said they will be spending more on
agency commissions this year, and 48% of those surveyed said they
will invest more in agent aggregators and digital recruitment
platforms.
“For over thirty years, we have been supporting higher education
institutions throughout Australia with admissions and enrollment
services,” said Jason Howard, Founder and CEO of StudyLink.
“Joining Flywire means that the combined solution will be able to
support the entire student journey, from enrollment through to
tuition and retention. I am thrilled to join the Flywire team to
help deliver even great value to clients, agents and students and
expand our solution globally.”
Combination of software and payments deepens Flywire’s
moat in education industry
As the demand for more global education experiences increases,
there is a greater need for institutions to optimize how they
engage, recruit and retain international students. According to an
independent survey commissioned by Flywire, most of the students
surveyed said they wanted earlier and clearer payment guidance from
their institution, with 85% of students saying they wish they'd
received details about how and when to pay as soon as they accepted
their offer letter. 89% of students studying in Australia said that
a simplified payment process would improve their higher education
experience. The survey also indicated the important role agents
play in education and payments-related decisions: 92% of those
studying in Australia said having their institution or agent
recommend a payment option would simplify the process.
This acquisition reinforces Flywire’s commitment to powering the
higher education ecosystem, which Flywire estimates to be
approximately $660 billion in global payment volume and an
opportunity for Flywire to accelerate Studylink’s growth
internationally. StudyLink’s complementary solution accelerates
Flywire’s ability to deliver a broader suite of services for global
institutions, agents and payers.
Complements strong organic growth
The acquisition of StudyLink is a continuation of Flywire’s
long-term plan to supplement its strong organic growth and
continually expand across all business lines. The acquisition is
expected to be modestly accretive to revenue growth and Adjusted
EBITDA following medium-term topline synergies. More details will
be shared on the upcoming earnings call scheduled for November 7,
2023.
About Flywire
Flywire is a global payments enablement and software company. We
combine our proprietary global payments network, next-gen payments
platform and vertical-specific software to deliver the most
important and complex payments for our clients and their
customers.
Flywire leverages its vertical-specific software and payments
technology to deeply embed within the existing A/R workflows for
its clients across the education, healthcare and travel vertical
markets, as well as in key B2B industries. Flywire also integrates
with leading ERP systems, such as NetSuite, so organizations can
optimize the payment experience for their customers while
eliminating operational challenges.
Flywire supports more than 3,700 clients with diverse payment
methods in more than 140 currencies across 240 countries and
territories around the world. Flywire is headquartered in Boston,
MA, USA with global offices. For more information, visit
www.flywire.com. Follow Flywire on
X (formerly known as Twitter),
LinkedIn and Facebook.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements regarding Flywire’s
future operating results and financial position, effects of payment
processes on students and their education experience, Flywire’s
business strategy and plans, market growth and trends, and
Flywire’s objectives for the integration of StudyLink and future
operations. Flywire intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995.
In some cases, you can identify forward-looking statements by terms
such as, but not limited to, “believe,” “may,” “will,”
“potentially,” “estimate,” “continue,” “anticipate,” “intend,”
“could,” “would,” “project,” “target,” “plan,” “expect,” or the
negative of these terms, and similar expressions intended to
identify forward-looking statements. Such forward-looking
statements are based upon current expectations that involve risks,
changes in circumstances, assumptions, and uncertainties. Important
factors that could cause actual results to differ materially from
those reflected in Flywire's forward-looking statements include,
among others, the factors that are deStudyLinkd in the "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of Flywire's Annual
Report on Form 10-K for the year ended December 31, 2022, and
Quarterly Report on Form 10-Q for the quarter ended June 30, 2023,
which are on file with the Securities and Exchange Commission (SEC)
and available on the SEC's website
at https://www.sec.gov/. Additional factors
may be deStudyLinkd in those sections of Flywire's Quarterly Report
on Form 10-Q for the quarter ended September 30, 2023, expected to
be filed with the SEC in the fourth quarter of 2023 The information
in this release is provided only as of the date of this release,
and Flywire undertakes no obligation to update any forward-looking
statements contained in this release on account of new information,
future events, or otherwise, except as required by law.
Contacts
Media:
Sarah KingSarah.King@Flywire.com
Prosek Partnerspro-flywire@prosek.com
Investor Relations:
Akil Hollisir@Flywire.com
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