SAN FRANCISCO and AUSTIN, Texas, May 18, 2020 (GLOBE NEWSWIRE) -- Open Lending, LLC, a leading provider of lending enablement and risk analytics solutions to financial institutions, and Nebula Acquisition Corporation (NASDAQ: NEBU), a special purpose acquisition company sponsored by True Wind Capital, L.P., today announced that they have agreed to a revised business combination agreement reflecting an updated transaction enterprise value of $1,080 million from the previously agreed upon value of $1,330 million announced on January 6, 2020. This 19% decrease in value reflects a reduction in the aggregate consideration to be paid to Open Lending’s selling equity-holders’ due to the impact of COVID-19 on the economy and the public markets, and represents a 7.4x multiple based upon the midpoint of the projected 2021 EBITDA range for Open Lending.
The parties remain excited about the future prospects of the combined company. The additional investors from the $200 million private placement of common stock at $10.00 per share, anchored by True Wind and several noteworthy and leading fundamental investors, continue to be committed to the transaction.
The updated transaction terms can be found in the investor presentation published Wednesday, May 13, 2020. An amendment to the S-4 registration statement of Nebula Parent Corp. (the “Company”) was filed with the Securities and Exchange Commission (the “SEC”) Wednesday and the parties remain focused on closing the business combination by June 12, 2020.
About Open Lending
Open Lending, through its flagship product, Lenders Protection, offers loan analytics, risk-based pricing, risk modeling and default insurance, ensuring profitable auto loan portfolios for financial institutions throughout the United States. For more information, please visit www.OpenLending.com.
About Nebula Acquisition Corporation
Nebula Acquisition Corporation, sponsored by True Wind Capital and led by Adam H. Clammer and James H. Greene, Jr., is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the technology industry.
About True Wind Capital
True Wind Capital is a San Francisco-based private equity firm focused on investing in leading technology companies with a broad mandate including software, data analytics, tech-enabled services, internet, financial technology, and hardware. True Wind Capital is a value-added partner, providing support and expertise that is rooted in its teams’ 75+ years of collective investing experience. Mr. Adam H. Clammer and Mr. James H. Greene, Jr., are the founding partners of True Wind Capital.
