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07-28-2020, 04:59 PM #1
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- Nov 2018
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Enova to Acquire OnDeck
TBB, Headway and ODC walk into a bar...
https://www.prnewswire.com/news-rele...301101550.html
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07-28-2020, 05:12 PM #2
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- Feb 2018
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$90m? enova has being buying companies pennies on the dollar. they bought business backers for cheap , headway now ODC? thats amazing
will they keep the ODC team in place or mov e everything to chicago?
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07-28-2020, 05:16 PM #3
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- Apr 2020
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- 54
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07-28-2020, 05:18 PM #4
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- Jun 2015
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the 50% of them left
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07-28-2020, 09:02 PM #5
- Join Date
- Sep 2014
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- 430
Noah is going to become vice chairman of Enova. They’ll probably keep some of the folks that have deep product/institutional knowledge, but I’d imagine a lot of the teams (Ops, Tech, Risk, HR, etc.) just became redundant, or will be told that their job now sits in Chicago if they want to keep it. Shedding the expensive NY, Denver, and VA lease liabilities will drive efficiency too.
Last edited by CreditGuy; 07-28-2020 at 09:03 PM. Reason: Typo
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07-29-2020, 12:14 AM #6
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- Feb 2018
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Per Lend Academy, Enovas TBB & Headway only accounted for 15% of their loan book. Meaning Enova has always been consumer loan focused. With this acquisition , it will rise to 60% of their loan book making them go from a tiny player in the space to a major force. Curious if we see more pandemic induced sales this year
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07-29-2020, 10:07 AM #7
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- Mar 2019
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- 105
I can't imagine that Enova would want to nuke the OnDeck brand, which is probably best in class. My guess is that TBB and OD will continue to operate separately or do you guys think one will into the other?
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07-29-2020, 10:38 AM #8
I still cannot get over that ODC was funding $40-50 mill a month year ago, and now THE WHOLE COMPANY sold for $90 million, or $1.38 a share.
So much for that super IPO a few years back
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07-29-2020, 10:47 AM #9
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- Jun 2015
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crazy how much pearl got in comparison
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07-29-2020, 10:48 AM #10
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- Aug 2019
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- 94
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07-29-2020, 11:07 AM #11
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- Jun 2015
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i believe it was 40 million but they were funding less than 100 million a year then
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07-29-2020, 11:16 AM #12
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- Mar 2016
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- 657
Pearl sold in 2015 and they were funding about $6m-$8m per month
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07-29-2020, 06:59 PM #13
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07-29-2020, 01:43 PM #14
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- Feb 2018
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- 1,349
and here comes the investigation
https://news.yahoo.com/deck-merger-i...083200106.html
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07-29-2020, 08:47 PM #15
Check out this thread from this guy on Twitter about filing complaint and suit
https://threadreaderapp.com/thread/1...375786496.html
https://twitter.com/liljackiechen85/...09370375786496
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07-29-2020, 11:15 PM #16
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- May 2017
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- 170
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07-30-2020, 08:43 AM #17
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- Oct 2014
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- Naples, FL
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- 474
They paid 90M for the name recognition (to the business owner in America) and the domain (big win for Dave and I, on our thread about selling domain names. LOL.) Mostly brand recognition on the main street.
But you are right - the book was slaughtered. People were stacking those files till most crashed. It's time for Enova to regroup, replan, relaunch... and kill it.
Or sell the whole portfolio to someone bigger.
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07-30-2020, 11:21 AM #18
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- Feb 2018
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- 1,349
vast data. the former CEO of TBB stayed on for a few months to until he departed so not sure how long NB would stay on. TBB was bought for < $30M I believe. One thing that folks should prob prepare for is that the ODC they knew is going to go away. Enova is a publicly held co and has to be accountable to vestors. they will not let the company lose $.
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07-30-2020, 12:03 PM #19
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- Aug 2019
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- 94
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07-30-2020, 10:36 AM #20
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07-29-2020, 02:01 PM #21
Here is the press release that ODC released if anyone wanted to read it:
https://s21.q4cdn.com/249473406/file...K-Joint-PR.pdfFUND3R1
"Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we've got 24 hours each. --Christopher Rice"
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07-29-2020, 02:07 PM #22
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- Jun 2019
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- 29
IPO valuation of 1 Billion, sell for 90 million a few years later. This is what happens when you chase top line instead of bottom line profits. I know a funder doing this model for the last few years. Wonder if they will reverse course and try to make a dollar now
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07-29-2020, 07:00 PM #23
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07-30-2020, 05:36 AM #24
- Join Date
- Mar 2015
- Location
- Boynton Beach
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- 3,485
Pissed my ONDK short was covered at 4, but I made some good money on the trade. I am still sort Enova.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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07-30-2020, 06:26 PM #25
- Join Date
- Apr 2019
- Posts
- 318
remember marcus predicted this 2 years ago? what a genius he was. where is he now...
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