Kabbage to Acquire Orchard to Enhance Data Science Platform
Kabbage, Inc., a global financial services, technology, and data platform serving small businesses, entered into a definitive agreement to acquire Orchard, a pioneer in developing technology and analytics for online lending and financial services. The acquisition will allow Kabbage to integrate Orchard’s technology platform for enhanced data capabilities, and will accelerate future product development and services for Kabbage’s strategic partners and small business customers. The acquisition is subject to customary closing conditions.
Orchard’s chief executive officer and co-founder, Matt Burton, as well as chief analytics officer and co-founder, David Snitkof, will both join Kabbage in leadership roles upon the closing, helping oversee technology integrations and future innovations. In total, Kabbage plans to add twenty Orchard advanced analytics, data science and engineering employees to its New York City office.