Consumer and Business advisor platform, NerdWallet has announced the completion of its acquisition of On The Barrelhead, a data-driven platform which provides consumers and SMBs with credit-driven product recommendations to help improve their financial lives.
On the Barrelhead will be fully integrated into NerdWallet’s existing teams, brands, products and technology. This should enable consumers and Small and Medium Size Businesses to match with better financial products and make smarter moves.
NerdWallet has acquired On The Barrelhead for a purchase price of $120 million, consisting of approximately $7 million in cash and $50 million in NerdWallet Class A common stock, subject to customary purchase price adjustments.
Also apart from the acquisition is a compensatory bonus pool where members of Berrelhead management will be paid an aggregate of $15 million in cash compensation over three years, subject to their continued employment with NerdWallet. To top it off, They will also be granted $15 million in equity compensation as referenced in an Inducement grant detail noted in the press release.
NerdWallet (Nasdaq: NRDS) is on a mission to provide clarity for all of life’s financial decisions. As a personal finance website and app, NerdWallet provides consumers with trustworthy and knowledgeable financial information so they can make smart money moves.