NerdWallet To Buy On The Barrelhead, for USD120M
Summary
NerdWallet, Inc. (Nasdaq: NRDS), a platform that provides financial guidance to consumers and small- and mid-sized businesses (SMBs), is to acquire On the Barrelhead, Inc., a Durango, CO-based data-driven platform that provides consumers and SMBs with credit-driven product recommendations to help improve their financial lives. Under the terms of the merger agreement, NerdWallet will acquire all of the outstanding shares of On the Barrelhead for total consideration of approximately $120m, subject to customary purchase price adjustments, consisting of approximately $70m in cash and $50m in NerdWallet Class A common stock. NerdWallet expects to finance the cash portion of the acquisition with borrowings from its existing credit facility. Through this acquisition, On the Barrelhead will fully integrate into NerdWallet’s existing teams, brand, products and technology. By leveraging data analysis, the platform also helps users improve their finances by surfacing new product recommendations to manage their debt and save them money.