[Drewfus]

TBB, Headway and ODC walk into a bar...

https://www.prnewswire.com/news-rele...301101550.html

[fundingsmbs]

$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?

[NoBiggie]

$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?

What ODC team?

[Michael I]

the 50% of them left

[CreditGuy]

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.

[fundingsmbs]

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

[ryanh]

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?

[Chambo]

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

[Michael I]

crazy how much pearl got in comparison

[Gables Capital Group]

crazy how much pearl got in comparison

What did Pearl go for?

[Michael I]

i believe it was 40 million but they were funding less than 100 million a year then

[NoBigDeal]

Pearl sold in 2015 and they were funding about $6m-$8m per month

[fundingsmbs]

and here comes the investigation

https://news.yahoo.com/deck-merger-i...083200106.html

[FUND3R1]

Here is the press release that ODC released if anyone wanted to read it:

https://s21.q4cdn.com/249473406/file...K-Joint-PR.pdf

[JTS-MCA]

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

[Chambo]

i believe it was 40 million but they were funding less than 100 million a year then

yeah, for one tenth the sales of On Deck

So either ODC has been lying their ass off for a couple years (which would mean major lawsuits for fraud for a publicly traded company), or in the last twelve months they have dwindled to a fraction of what they were

[Chambo]

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

THIS nonsense is why the lawsuits and investigations are coming out. You cannot pull your normal MCA fluff and BS when you are publicly traded

[cmarks]

and here comes the investigation

https://news.yahoo.com/deck-merger-i...083200106.html

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

[Jess]

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

This is nonsense. Ondeck is bankrupt. What is enova getting for $90 million? Outdated tech? Weak brand? Customer list that virtually every competitor already has due to stacking? Decimated renewal book? $90 million is a gift.

[Hedley Lamarr]

Pissed my ONDK short was covered at 4, but I made some good money on the trade. I am still sort Enova.

[Steven_O]

This is nonsense. Ondeck is bankrupt. What is enova getting for $90 million? Outdated tech? Weak brand? Customer list that virtually every competitor already has due to stacking? Decimated renewal book? $90 million is a gift.

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.

[Chambo]

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

It's Twitter. Hardly the bastion of legal authority

[fundingsmbs]

This is nonsense. Ondeck is bankrupt. What is enova getting for $90 million? Outdated tech? Weak brand? Customer list that virtually every competitor already has due to stacking? Decimated renewal book? $90 million is a gift.

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 $.

[Gables Capital Group]

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 $.

OND is a publicly held company "accountable" to investors...

[fin4all]

remember marcus predicted this 2 years ago? what a genius he was. where is he now...