Boston’s First Marblehead Corp. will acquire Tuition Management Systems (TMS) from Cleveland-based KeyBank N.A.

Warwick, R.I.-based TMS is one of the largest providers of outsourced tuition planning, billing, counseling and payment technology services for colleges, universities and elementary and secondary schools in the country, according to a statement. Under the terms of the transaction, TMS will retain its separate brand identity, management team and operations. TMS is expected to add $31 million of total revenues to First Marblehead’s annual operating results.

"Over the past 25 years we’ve helped make education more affordable for families across the country and we’re excited to continue that tradition as part of First Marblehead," said Steven Dodd, president of TMS. "With First Marblehead, we’ll be able to invest in our technology to offer schools and families even more flexible products to help them better manage their education finances."

The transaction is expected to close before Jan. 1.