All Rights Reserved.Enova will add the OnDeck brand, products, and services to its existing portfolio to create a combined company. This article will reflect on the compensation paid to David Fisher who has served as CEO of Enova International, Inc. (NYSE:ENVA) since 2013. Enova has acquired online lender OnDeck for $1.38 a share including $0.12 in cash, according to a corporate release.. Shares in OnDeck jumped in …
“Together, our companies will be stronger because of the complementary strengths and synergies of our businesses.”Fisher highlighted both OnDeck’s online SME lending business as well as its ODX bank platform as being able to increase Enova’s “scale and resources” and drive continued growth in the company’s portfolio.
David Fisher - Chairman, President & CEO
The deal is based on the implied price of OnDeck shares of $1.38, a 90.4% premium on its closing price of $0.73 per share on Monday, July 27. David is Director and has served as Director since 11/01/2008. Of the $90 million total deal value, $8 million will be paid in cash.
He said the acquisition was “the right path forward for customers, employees, and shareholders” and posited that the combined entity would be an even more effective online lender and a more powerful ally to small businesses.The acquisition has been approved by the boards of directors from both Enova and OnDeck, and is expected to close later this year.“This strategic transaction, which brings together two FinTech leaders, is a great opportunity for customers, employees, and shareholders of both companies,” Enova CEO David Fisher said. Number 8860726.Tracking fintech, banking & financial services innovations since 1994If deal-making is a sign of the health of an industry, then the fintech business – global public health crisis notwithstanding – may be doing better than some suspect.Breslow expressed pride in the progress OnDeck has made since its founding in 2006, pointing to the $13+ billion in financing the company has provided small businesses over the past decade-and-a-half or so. David has made over 14 trades of the Enova International stock since 2013, according to the Form 4 filled with the SEC. Mr. Fisher ENVA stock SEC Form 4 insiders trading. Gross revenue was reported at $80.5 million.The acquisition was said to create a leading online financial services company with greater flexibility to drive growth and profitability. Together, Enova and OnDeck reported $4.7 billion in originations in 2019 and have served approximately 7 million customers.Enova is a provider of online financial services to non-prime consumers and small businesses, providing access to credit.
Enova International, Inc. (NYSE:ENVA) Q2 2019 Results Earnings Conference Call. Mr. Noah Breslow will join the company as Vice Chairman and serve on the Enova management team.
Most recently he exercised 373 units of ENVA stock worth $5,140 on 19 May 2020.. Joining forces with Enova, a highly-respected and well-capitalized leader in online lending, and leveraging our combined scale and strengths, provides the best opportunity for our long-term success.”Shares in Enova dipped slightly in after-hours trading after a strong close.The acquisition by Enova appears to have closed a final chapter on the once-hot Fintech.
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