Thursday, June 01, 2006

Upromise to be acquired by SLM Corp - Needham, MA

College-savings plan Upromise Inc. is being acquired by SLM Corp., the student-loan company better known as Sallie Mae. The companies did not immediately disclose what Sallie Mae paid for Upromise.

The firm is based in Needham, Mass., and employs 250 people. Upromise disclosed $118 million in funding, with backers including Charles River Ventures of Waltham, Mass.; General Atlantic LLC of Greenwich, Conn.; General Catalyst Partners of Cambridge, Mass.; Hellman & Friedman LLC of San Francisco; and Kleiner Perkins Caufield & Byers of Menlo Park, Calif


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