Nebula Acquisition Corporation (NEBU), a special purpose acquisition company (SPAC) sponsored by True Wind Capital, has closed on its acquisition of Open Lending, a company that provides automated lending services to financial institutions. Open Lending specializes in loan analytics, risk-based pricing, risk modeling, and automated decision technology for automotive lenders throughout the United States. The merger was valued at $1.7 billion.
According to reports, Open Lending’s Management team will continue to lead the company. Open Lending is expected to pursue significant growth opportunities within its existing customer base of credit unions, banks, and OEM Captives, as well as pursuing new channels and asset classes.
According to a release, Nebula has changed its name to Open Lending. Shares in the new entity are expected to begin trading on the Nasdaq under the ticker symbol “LPRO.”
In a release, Open Lending co-founder and CEO John Flynn stated:
“The past 15 years, and especially the past few months, have shown how incredible our team is and how significant the opportunity in front of us is to grow this business. We are excited to partner with our new board of directors and investors as we continue to execute on Open Lending’s growth plan as a public company. We believe the public warrant holders’ decision to maintain their investment in company is further evidence of the value of Open Lending.”
FT Partners served as exclusive strategic and financial advisor on the transaction.