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The 14-year-old company struggled to meet the expectations that accompanied its 2014 initial public offering, recording $94.5 million in losses in its first two years as a public company. Cost-cutting eventually brought modest profitability, but investors were seeking margins more in line with those generated in the tech sector.
“Our mission at OnDeck has been to make lending easier for our small-business clients, and this opportunity delivers that promise on a larger scale,” Breslow said during the conference call Tuesday. “Our analytics capabilities and advanced fraud detection will build upon Enova’s existing platform, and our investments to date in our next-generation technology infrastructure are a complement to Enova’s as well.”
https://www.americanbanker.com/news/why-ondeck-capital-is-going-for-a-fire-sale-price
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