Newport Beach Bill-Pay Tech Startup AcquiredMonday, August 5, 2013
Newport Beach-based online bill-service startup PayDivvy Inc. has been acquired by Higher One Holdings Inc. in New Haven, Conn.
Terms were not disclosed.
PayDivvy was launched in 2009 and so far has received about $1.26 million in seed funding. It has 10 employees. Its software allows users to split bills and track payments, among other functions.
Higher One provides payment and disbursement services to higher-education institutions and students. It services more than 1,600 campuses and 13 million students in the U.S.
The company went public in 2010 with a $100 million initial public offering, and has grown through a series of acquisitions.
Higher One is trading slightly down Monday morning, at a market value of about $504 million. It had about $37 million in net income on $198 million in revenue last year.