M&A Deal Summary

Enova Acquires OnDeck

On July 28, 2020, Enova acquired information technology company OnDeck for 90M USD

Acquisition Highlights
  • This is Enova’s 1st transaction in the Information Technology sector.
  • This is Enova’s largest (disclosed) transaction.
  • This is Enova’s 1st transaction in the United States.
  • This is Enova’s 1st transaction in New York.

M&A Deal Summary
Date 2020-07-28
Target OnDeck
Sector Information Technology
Buyer(s) Enova
Deal Type Add-on Acquisition
Deal Value 90M USD
Advisor(s) Evercore Group (Financial)
Kirkland & Ellis (Legal)

Target

OnDeck

New York, New York, United States
On Deck is a provider of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online. On Deck uses data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online. The company also offers bank clients a comprehensive technology and services platform that facilitates online lending to small business customers through ODX, a wholly-owned subsidiary. On Deck Capital was founded in 2006 and is based in New York, New York.

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Buyer(S) 1

Buyer

Enova

Chicago, Illinois, United States
Category Company
Founded 2003
Sector Financial Services
Employees1,675
Revenue 2.1B USD (2023)
DESCRIPTION

Enova is a provider of online financial services to non-prime consumers and small businesses, providing access to credit powered by its advanced analytics, innovative technology, and world-class online platform and services. Enova has provided nearly 7 million customers around the globe with access to more than $20 billion in loans and financing. The financial technology company has a portfolio of trusted brands serving consumers, including CashNetUSA, NetCredit, and Simplic; two brands serving small businesses, Headway Capital® and The Business Backer®; and offers online lending platform services to lenders. Through its Enova Decisions brand, it also delivers on-demand decision-making technology and real-time predictive analytics services to clients. Enova was founded in 2003 and is based in Chicago, Illinois.

DEAL STATS #
Overall 1 of 2
Sector (Information Technology) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (New York) 1 of 1
Country (United States) 1 of 2
Year (2020) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-19 Pangea

Chicago, Illinois, United States

Pangea is a Chicago-based payments platform offering mobile international money transfer services. Pangea offers a smarter way for people to move money around the world to friends and family. Pangea's powerful, easy-to-use mobile application provides secure, fast, and affordably priced international money transfers from the U.S. to 40 countries with a focus on Latin America and Asia. Pangea was founded in 2012 and is based in Chicago, Illinois.

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