Enova agrees to combine ODX business with Fundation

Enova International Inc. agreed to combine its ODX business with Fundation Group LLC, an origination solutions provider focused on the business banking market.

"This transaction creates the largest independent [software as a service] provider to banks for small business lending," Enova CEO David Fisher said in a news release.

Enova will hold a minority stake in the combined entity, which will be named Linear Financial Technologies. Fundation's majority owner, Garrison Investment Group LP, will own a majority equity interest in the combined company.

Sam Graziano, who served as CEO of Fundation, is now CEO of the combined entity, according to a news release by Linear. ODX President Brian Geary became president of Linear.

Sandip Nayak was named chief strategy and artificial intelligence officer of Linear while Raj Kolluri was appointed chief technology officer. Nayak was formerly with Fundation, while Kolluri was formerly with ODX.

Fundation was advised by Barclays in the transaction. ODX was advised by SenaHill Partners.