Nebula Acquisition Corporation*

Nebula Acquisition Corporation*

Oct 19, 2020 by viktoria.v

PROPOSED BUSINESS COMBINATION: Open Lending LLC


ESTIMATED CURRENT FUNDS in TRUST: $282.9 million*
CURRENT PER SHARE REDEMPTION PRICE: $10.29*
ENTERPRISE VALUE: $1.08 billion

*SPACInsider estimate a/o 6-7-20

Nebula Acquisition Corp. proposes to combine with Open Lending, LLC, a provider of lending enablement and risk analytics solutions to financial institutions, with an implied estimated enterprise value at closing of approximately $1.3 billion.

The consideration payable to the stockholders of Open Lending will consist of a combination of cash and shares of common stock of the Company. In addition to the $275 million of cash held in Nebula’s trust account (assuming no redemptions), additional investors have committed to participate in the transaction through a $200 million private placement of common stock at $10.00 per share anchored by True Wind and several noteworthy and leading fundamental investors.

Open Lending is a lending enablement platform for the automotive finance market powered by proprietary data, advanced decisioning analytics, an innovative insurance structure and scaled distribution. The platform enables near-prime consumers, approximately 50% of borrowers today, to finance their vehicles at more attractive rates when compared to traditional lending alternatives, while presenting a similar risk profile to the lender as that of a prime borrower. Furthermore, Open Lending’s technology platform unlocks value for a diverse partner ecosystem, benefitting dealers, lenders, insurers and OEM’s. Through the platform, Open Lending facilitated over $1.7 billion of automotive loans in 2019 for over 275 financial institutions, taking no balance sheet risk. Open Lending management expects EBITDA margins to exceed 50% and organic revenue growth to top 80% in 2020, representing over 140,000 loans facilitated.

Upon the close of the transaction, the Company intends to change its name to Open Lending Corporation and is expected to trade on The Nasdaq Stock Market under a new ticker symbol.


TRANSACTION SUMMARY

  • Implied estimated enterprise value at closing of $1.3 billion
    • Represents a 12.2x multiple to 2020 expected EBITDA of $109 million.
  • The cash component of the purchase price to be paid to the equity holders of Open Lending is expected to be funded by:
    • Nebula’s cash in trust
    • Up to $225 million of privately rated institutional debt financing
    • A $200 million private placement raised at $10.00 per share.
    • See “Subsequent Events” below.  The Business Combination Agreement was amended so that Cash Consideration payable at closing will be reduced by an amount equal to the Company Distribution.
  • The balance of the consideration payable to the existing Open Lending equity holders will consist of shares of common stock of the Company.
  • Existing Open Lending equity holders have the potential to receive an earnout of additional shares of common stock of the Company (see “Earnout” below)
  • Open Lending management, Bregal, and other existing equity holders will remain majority owners of the Company.

PIPE

  • Several fundamental investors have committed $200 million to participate in the transaction through the PIPE anchored by True Wind Capital at $10.00 per share
  • True Wind Capital has agreed to subscribe for $85,000,000 worth of PIPE Shares for a purchase price of $10.00 per share.
  • Certain offering related expenses are payable by NAC, including customary fees payable to the placement agents, Deutsche Bank Securities and Goldman Sachs & Co., LLC.
  • Under certain circumstances, additional payments by ParentCo may be assessed with respect to the shares of common stock included in the registerable securities in the event that:
    • (1) a Resale Registration Statement has not been declared effective by the SEC by the earlier of (A) 90 days (or 120 days if the SEC notifies ParentCo that it will “review” the Resale Registration Statement) following the Closing, or (B) 10 Business Days after the SEC notifies ParentCo that it will not review the Resale Registration Statement, subject to certain potential timing adjustments or
    • (2) the Resale Registration Statement is declared effective by the SEC but thereafter ceases to be effective prior to the expiration of a designated effective period.
    • The additional payments by ParentCo shall accrue on the applicable registrable securities at a rate of 0.5% of the aggregate purchase price paid for such registrable securities per month, subject to certain terms and limitations (including a cap of 5.0% of the aggregate purchase price).

WARRANT TENDER OFFER

  • NAC will commence a tender offer to acquire each of the issued and outstanding NAC Warrants in exchange for $1.50, net to the seller in cash per NAC warrant
    • Requirement: there needs to be 8,250,000 NAC Warrants validly tendered (and not withdrawn)
    • The Tender Offer will be coupled with a consent solicitation that will require any person tendering a NAC Warrant to vote in favor of the Warrant Amendment
    • The Warrant Amendment will reduce the term of any and all remaining NAC Warrants to expire upon the consummation of the First Merger.
  • The Tender Offer will initially be scheduled to expire on the later of:
    • (a) 20 Business Days following the Offer Commencement Date; and
    • (b) the Closing Date (unless otherwise agreed to in writing by NAC and the Company).

EARNOUT

SPONSORS

  • NAC Sponsors will be issued up to 1,250,000 additional ParentCo Common Shares (the “Earn-Out Shares”) as follows:
    • (i) 625,000 ParentCo Common Shares, if prior to or as of the second anniversary of the Closing, the VWAP is greater than or equal to $12.00 over any 20 trading days within any 30-trading day period; and
    • (ii) 625,000 ParentCo Common Shares if, prior to or as of the second anniversary of the Closing, the VWAP is greater than or equal to $14.00 over any 20 trading days within any 30-trading day period.
    • If a Change of Control of ParentCo occurs prior to the second anniversary of the Closing, such holders will be entitled to receive all unissued Earn-Out Shares prior to the consummation of such Change of Control.

OPEN LENDING

  • The Blocker Holders and the Company Unitholders will be issued up to 15,000,000 additional ParentCo Common Shares as follows:
    • (i) 7,500,000 ParentCo Common Shares, if prior to or as of the second anniversary of the Closing, the VWAP is greater than or equal to $12.00 over any 20 trading days within any 30-trading day period; and
    • (ii) 7,500,000 ParentCo Common Shares if, prior to or as of the second anniversary of the Closing, the VWAP is greater than or equal to $14.00 over any 20 trading days within any 30-trading day period.

SUBSEQUENT EVENTS – MAY 13, 2020

Earnout consideration now $22.5 million with Open Lending equityholders to be issued common shares of the combined company as follows:

  • 7.5mm common shares if the combined company’s VWAP is greater than or equal to $12 for any 20 trading days within any 30-trading day period within 2 years after closing
  • 7.5mm common shares if the combined company’s VWAP is greater than or equal to $14 for any 20 trading days within any 30-trading day period within 2.5 years after closing
  • 7.5mm common shares if the combined company’s VWAP is greater than or equal to $16 for any 20 trading days within any 30-trading day period within 3.5 years after closing

FOUNDER SHARES AND PRIVATE PLACEMENT PURCHASE

  • 6,875,000 Founder Shares at IPO, none to be cancelled
  • 5,000,000 Private Placement Founder Warrants at IPO – all 5,000,000 warrants to be forfeited and cancelled

NOTABLE CONDITIONS TO CLOSING

  • The Available Cash shall be equal to or greater than $295,000,000
  • Available Cash is the amount equal to, as of the Reference Time:
    • (i) the principal amount of immediately available funds contained in NAC’s Trust Fund (the “Trust Fund”) available for release to NAC, ParentCo and the Company as applicable, plus
    • (ii) the net amount of immediately available funds held by NAC pursuant to the Subscription Agreements, minus
    • (iii) $35,000,000, minus
    • (iv) the NAC Expenses set forth on a certificate delivered by NAC on the Closing Date, plus
    • (v) the amount of cash as of the Reference Time held by NAC without restriction outside of the Trust Fund and any interest earned on the amount of cash held inside the Trust Fund.
  • Reference Time = 8:00 a.m. Eastern Time on the Business Day after the last date that any NAC stockholder may exercise its redemption rights

* See “Subsequent Events” below.  The Business Combination Agreement was amended so that Cash Consideration payable at closing will be reduced by an amount equal to the Company Distribution.


NOTABLE CONDITIONS TO TERMINATION

  • By NAC or the Company, if the First Merger shall not have occurred on or before the earlier to occur of June 12, 2020 (the Outside Date) (Amended to June 30, 2020 on May 13, 2020)
  • By the Company, if immediately following the Extension Meeting and after giving effect to the exercise of any Redemptions, NAC shall have less than an aggregate of $170,000,000 of cash held in the Trust Fund, provided that during the five (5) Business Day period immediately following the Extension Meeting, NAC may take any and all actions to increase the cash held in the Trust Fund to an amount greater than $170,000,000 so that if the cash held in the Trust Fund is greater than $170,000,000 on the date that is five (5) Business Days following the Extension Meeting, then the Company’s right to terminate this Agreement shall be deemed waived and of no further effect.

SUBSEQUENT EVENTS – May 13, 2020

The BCA Amendment amends the Business Combination Agreement to:

  • Change the definition of Enterprise Value to $1,010,625,000,
  • Extend the Outside Date to June 30, 2020 and
  • Amend the terms of the Contingency Consideration so that the Open Lending equityholders will be issued up to 22,500,000 ParentCo Common Shares, as follows:
    • 7,5000,000 ParentCo Common Shares (the “First Level Contingency Consideration”), if prior to or as of the second anniversary of the Closing (the “First Deadline”), the VWAP is greater than or equal to $12.00 over any 20 trading days within any 30-trading day period;
    • 7,5000,000 ParentCo Common Shares (the “Second Level Contingency Consideration”), if prior to or as of the 30-month anniversary of the Closing (the “Second Deadline”), the VWAP is greater than or equal to $14.00 over any 20 trading days within any 30-trading day period; and
    • 7,5000,000 ParentCo Common Shares (the “Third Level Contingency Consideration”), if prior to or as of the 42-month anniversary of the Closing (the “Third Deadline”), the VWAP is greater than or equal to $16.00 over any 20 trading days within any 30-trading day period.
  • If a change of control of ParentCo occurs
    • Prior to the First Deadline, then the First Level Contingency Consideration, the Second Level Contingency Consideration and the Third Level Contingency Consideration that remains unissued as of immediately prior to the consummation of such change of control shall immediately vest and the Open Lending unitholders and the Blocker Holder shall be entitled to receive all of such contingency consideration prior to the consummation of such change of control;
    • After the First Deadline but prior to the Second Deadline, then the Second Level Contingency Consideration and Third Level Contingency Consideration that remains unissued as of immediately prior to the consummation of such change of control shall immediately vest and the Open Lending unitholders and the Blocker Holder shall be entitled to receive such Second Level Contingency Consideration and Third Level Contingency Consideration prior to the consummation of such change of control; and
    • After the Second Deadline but prior to the Third Deadline, then the Third Level Contingency Consideration that remains unissued as of immediately prior to the consummation of such change of control shall immediately vest and the Open Lending Unitholders and the Blocker Holder shall be entitled to receive such Third Level Contingency Consideration prior to the consummation of such change of control.

FOUNDERS SUPPORT AGREEMENT

The FSA Amendment:

  • (a) amends the terms of the Earnout Consideration so that the holders of the Founder Shares will be issued an aggregate of up to 1,250,000 ParentCo Common Shares, as follows:
    • 625,000 ParentCo Common Shares (the “First Level Earn-Out Shares”), if prior to or as of the First Deadline, the VWAP of the ParentCo Common Shares is greater than or equal to $12.00 over any 20 trading days within any 30-trading day period; and
    • 625,000 ParentCo Common Shares (the “Second Level Earn-Out Shares”), if prior to or as of the Second Deadline, the VWAP of the ParentCo Common Shares is greater than or equal to $14.00 over any 20 trading days within any 30-trading day period and
  • (b) amends the terms of the lockup so that:
    • 1,718,750 ParentCo Common Shares issued in exchange for the Founder Shares will be released from lock-up and no longer subject to forfeiture if, prior to or as of the seventh anniversary of the Closing, the VWAP is greater than or equal to $12.00 over any 20 trading days within any 30-trading day period and
    • 1,718,750 shares of the ParentCo Common Shares issued in exchange for the Founder Shares will be released from lock-up and no longer subject to forfeiture if, prior to or as of the seventh anniversary of the Closing, the VWAP of the ParentCo Common Shares is greater than or equal to $14.00 over any 20 trading days within any 30-trading day period.
  • If a change of control of ParentCo occurs:
    • Prior to the First Deadline, then the full First Level Earn-Out Shares and the Second Level Earn-Out Shares that remain unissued as of immediately prior to the consummation of such change of control shall immediately vest and the holders of the Nebula Class B Common Stock, including the Sponsor, shall be entitled to receive such First Level Earn-Out Shares and the Second Level Earn-Out Shares prior to the consummation of such change of control and
    • After the First Deadline but prior to the Second Deadline, then the Second Level Earn-Out Shares that remain unissued as of immediately prior to the consummation of such change of control shall immediately vest and the holders of the Nebula Class B Common Stock, including the Sponsor, shall be entitled to receive such Second Level Earn-Out Shares prior to the consummation of such change of control.

SUBSEQUENT EVENTS – March 27, 2020

On March 27, 2020, Nebula entered into Amendment no. 2, whereby the Business Combination Agreement was amended to reflect that the Company can use the proceeds of the recently consummated Debt Financing to make a non-liquidating distribution to the holders of Company Membership Units in an aggregate amount not to exceed the net proceeds of the Debt Financing received by the Company (the “Company Distribution”).

Upon receipt of its portion of the Company Distribution, Blocker intends to make one or more non-liquidating distributions to the Blocker Holder of cash in excess of the amount of cash necessary to fund Blocker Unpaid Taxes and expenses of the Blocker (the “Blocker Distribution”). Pursuant to the Amendment, Nebula and ParentCo consented to the (a) Company Distribution and the (b) Blocker Distribution as required by the terms of the Business Combination Agreement.

In addition, the Amendment amends the Business Combination Agreement to, among other things, reduce the Cash Consideration payable by ParentCo under the Business Combination Agreement at Closing by an amount equal to the Company Distribution. The Amendment does not modify or change the overall type of consideration or amounts to be received by the equity holders of Open Lending in connection with the Business Combination as compared to the type of consideration and amounts to be received by the equity holders of Open Lending in connection with the Business Combination if the Company Distribution had not occurred.

Revised Transaction Overview 5-13-20

Nebula 5-13-20


Original Transaction Overview

nebula transaction overview


MANAGEMENT & BOARD

  • Open Lending’s management team, led by John Flynn, Co-Founder, President and Chief Executive Officer and Ross Jessup, Co-Founder, CFO, and COO, will continue to lead the Company.

ADVISORS

  • Financial Technology Partners and FTP Securities (“FT Partners”) served as strategic and financial advisor to Open Lending.
  • Goodwin Procter LLP served as legal counsel to Open Lending.
  • Deutsche Bank Securities and Goldman Sachs & Co. LLC are acting as capital markets advisors, financial advisors, and private placement agents.
  • Greenberg Traurig, LLP is acting as legal counsel to Nebula.
  • UBS Investment Bank is acting as sole arranger in the concurrent debt financing.

NEBULA MANAGEMENT & BOARD


Executive Officers

Adam H. Clammer, 47
Co-Chairman, CEO and Director

Mr. Clammer is a Founding Partner of True Wind Capital, a private equity fund manager focused on the technology industry, where he serves on the Investment Committee and is responsible for all aspects of managing the firm. Prior to founding True Wind Capital in 2015, Mr. Clammer was with KKR, a global investment manager, which he joined in 1995. At KKR, Mr. Clammer co-founded and led the Global Technology Group from 2004 to 2013, was a senior member of the Healthcare Group, and participated in investments across multiple industries. He served on public company boards as a director of AEP Industries (NASDAQ: AEPI), a manufacturer of flexible plastic packaging films, from 1999 to 2004, a director of Zhone Technologies (NASDAQ: ZHNE), a provider of communications network equipment, from 2002 to 2006, a director of MedCath (NASDAQ: MDTH), a cardiovascular services provider, from 2002 to 2008, a director of Jazz Pharmaceuticals (NASDAQ: JAZZ), a biopharmaceutical company, from 2004 to 2007, a director of Avago, now Broadcom (NASDAQ: AVGO), a designer of analog semiconductors, from 2005 to 2013, a director of NXP (NASDAQ: NXPI), a manufacturer of semiconductor chips, from 2007 to 2010, and a director of Eastman Kodak (NYSE: KODK), a provider of imaging products and services, from 2009 to 2011. Mr. Clammer served on several private company boards including Aricent, GoDaddy, and TASC among others, as well as a member of the operating committee of SunGard Data Systems. Mr. Clammer currently serves as Chairman of the Board of The Switch, a video solutions service provider, since 2016, as Chairman of the Board of ARI Network Services, a sales-focused software and marketing services provider, since 2017 and as a director of Pegasus Transtech (“Transflo”), a software and solutions provider to the transportation industry, since 2017. Prior to joining KKR, Mr. Clammer worked in the Mergers & Acquisitions group at Morgan Stanley in New York and Hong Kong from 1992 to 1995. He holds a B.S. in Business Administration from the University of California, Berkeley and an M.B.A. from Harvard Business School, where he was a Baker Scholar.


James H. Greene, Jr., 67
Co-Chairman, CEO and Director

Mr. Greene is a Founding Partner of True Wind Capital, a private equity fund manager focused on the technology industry, where he serves on the Investment Committee and is responsible for all aspects of managing the firm. Prior to founding True Wind Capital in 2015, Mr. Greene was with KKR, a global investment manager, which he joined in 1986. At KKR, Mr. Greene co-founded and the led Global Technology Group from 2004 to 2010. In 2010, he became head of the Global Industrial Group, a position he held until 2013. Mr. Greene was a Partner at KKR from 1993 until 2015 and played a key role in many of KKR’s most notable buyouts through the late 1980s and 1990s. He served on public company boards as a director of Safeway (NYSE: SWY), a grocery store chain, from 1987 to 2004, a director of Owens-Illinois (NYSE: OI), a glass container manufacturer, from 1987 to 2005, a director of RJR Nabisco (NYSE: NGH), an American food and tobacco conglomerate, from 1989 to 1995, a director of The Vons Company (NYSE: VON), a grocery store chain, from 1993 to 1997, a director of RELTEC (NASDAQ: RLT), a telecommunication systems manufacturer, from 1995 to 2000, a director of Accuride (NYSE: ACW), a provider of commercial vehicle components, from 1998 to 2007, a director of Zhone Technologies (NASDAQ: ZHNE), a provider of communications network equipment, from 1999 to 2010, a director of Shoppers Drug Mart (TSE: SC), a drug store chain, from 2000 to 2005, a director of Amphenol (NYSE: APH), a provider of electronic components, from 2003 to 2005, a director of Alliance HealthCare (NASDAQ: AIQ), a provider of outsourced healthcare services, from 2003 to 2006, a director of Avago, now known as Broadcom (NASDAQ: AVGO), a designer of analog semiconductors, from 2005 to 2010, and a director of Sun Microsystems (NASDAQ: JAVA), a provider of computer hardware and software, from 2008 to 2010. Mr. Greene served on several private company boards including Capital Safety, Capsugel, SunGard Data Systems, TASC, and Tenovis, among others. Mr. Greene currently serves as a director of Aricent, a global R&D engineering services company, since 2006, as chairman of the board of Pegasus Transtech (“Transflo”), a software and solutions provider to the transportation industry, since 2017,  a director of Sungard Availability Systems, a provider of managed IT services, since 2014, and a director of Western New York Energy, a provider of renewable energy and ethanol, since 2006. Prior to joining KKR, Mr. Greene spent 14 years in banking as a Vice President at Bankers Trust Company where he was involved with management buyout financings, merger and acquisition advisory assignments and other corporate finance activities. He graduated from the Wharton School, majoring in accounting, and holds a B.S. in Economics from the University of Pennsylvania.


Rufina A. Adams, 37
CFO & Class III Director

Mrs. Adams is True Wind’s Chief Financial Officer and has the responsibility for all financial and regulatory reporting matters, in addition to the firm’s compliance and cybersecurity initiatives. She joined True Wind Capital as Controller in 2015. Prior to joining True Wind Capital, Mrs. Adams was the Controller at Discovery Digital Networks, or DDN, a multi-channel Internet television and digital cable network, where she managed the accounting department and its successful integration following its acquisition by Discovery Communications (NASDAQ:DISCA), a mass-media company, in 2012. In addition, Mrs. Adams handled the integration of accounting and operations for DDN’s early acquisitions. Prior to joining DDN in 2008, Mrs. Adams was a Senior Investment Accountant for The Blackstone Group (NYSE:BX), a private equity and asset manager from 2007 to 2008, in New York where she gained experience in private equity accounting and investor relations. Prior to joining the Blackstone Group, she was an Audit Senior for Deloitte and Touche in San Jose, CA from 2004 to 2006. Ms. Adams holds a B.S. in Accounting from Santa Clara University and is an inactive licensed CPA in the state of New York.

Board of Directors

David Kerko, 44
Director

Mr. Kerko has been an Advisor to KKR since 2015. From 2010 to 2015, Mr. Kerko was a Member at KKR and served as Co-head of the Technology Group from 2013 to 2015. Mr. Kerko joined KKR in 1998 and played an active role building the firm’s technology platform from 2006 to 2015. At KKR, Mr. Kerko was involved in a broad range of investments, including but not limited to Broadcom Ltd (NASDAQ: AVGO), a semiconductor manufacturer, Magic Leap, a virtual reality hardware manufacturer, Marvell Technology Group (NASDAQ: MRVL), a producer of storage, communications and consumer semiconductor products, NXP Semiconductors (NASDAQ: NXPI), a semiconductor manufacturer, and Sonos, Inc., a manufacturer of digital sound systems. Mr. Kerko was a director of The Analytic Sciences Corporation (TASC), an engineering services company, from 2009 until 2015. From 2015, Mr. Kerko has served as a director of Engility Holdings, Inc. (NYSE: EGL) an engineering services company and Transphorm, Inc., a designer and manufacturer of gallium nitride field effect transistors, and from 2014 he has served as a director of Savant Systems, LLC, a luxury smart home technology company. Prior to joining KKR, Mr. Kerko was with Gleacher NatWest Inc. where he was involved in mergers and acquisition transactions and financing work. Mr. Kerko holds a B.S. from The Wharton School at the University of Pennsylvania and a B.S.E., summa cum laude, from the School of Engineering and Applied Science at the University of Pennsylvania.


Frank Kern, 63
Director

Mr. Kern has been the Chief Executive Officer and a Director of Aricent Inc., a global design and engineering company, since 2012. Mr. Kern’s career began in sales and continued through positions of increasing responsibility with IBM (NYSE:IBM), a multinational technology manufacturing and services company. From 2009 to 2012, Mr. Kern was Senior Vice President, Global Business Services at IBM, encompassing consulting, systems integration and application capabilities and supported clients around the world in all major industries. Previously, from 2008 to 2009, he served as Senior Vice President of Sales and Distribution at IBM, leading its worldwide sales organization. Mr. Kern was located in Shanghai, China and Tokyo, Japan, where he was responsible for IBM’s operations and the Asia Pacific region from 2003 to 2008. Prior to his work in Asia, Mr. Kern was located in Paris, France, from 1998 to 2003 and managed the operations of IBM’s Global Services unit for Europe, Middle East & Africa. From 1995 to 1997, he served as Chief Executive Officer of IBM Global Services in Australia. Mr. Kern holds a B.A. in Political Science from Bucknell University and holds an M.B.A. from the Martin J. Whitman School of Management at Syracuse University.


James C. Hale, 65
Director

Mr. Hale has launched and grown multiple businesses that leveraged his vision of the evolving financial services marketplace, knowledge of emerging financial technologies, and global network at top financial service companies built over several decades in commercial and investment banking. Since 2011, Mr. Hale has been advising growth companies as a consultant at Columbus Strategic Advisors, LLC, a firm he co-founded. Mr. Hale was a director of ExlService Holdings, Inc. (NASDAQ: EXLS), a business process outsourcing company, from 2001 to 2009 and a director of Official Payments (NASDAQ: OPAY), a global electronic payments software company, from 2010 to 2014. In addition, Mr. Hale was a director of the State Bank of India (California), a California state chartered bank, and Public Radio International, a media company, among other private company boards. Prior to Columbus Strategic Advisors, in 1998, Mr. Hale co-founded and served as Senior Managing Member and Chief Executive Officer of Financial Technology Ventures, now FTV Capital, an investment firm specializing in venture capital and private growth equity investments in financial technology companies worldwide, where he is currently a Partner Emeritus. From 1982 to 1998, Mr. Hale was with BancAmerica Securities (formerly Montgomery Securities) where he was the Senior Managing Partner and Head of the Financial Services Group, a practice that he founded. From 2015, Mr. Hale has served as a director of ACI Worldwide (NASDAQ: ACIW), a global software company, as a director of Mitek Systems (NASDAQ: MITK), a mobile capture and identity verification company, and as a director of Visual Edge Technology, a national provider of office technology solutions. From 2014, Mr. Hale has served as a director of Bank of Marin Bancorp (NASDAQ: BMRC), an independent commercial and retail bank in Northern California. He holds a B.S. in Finance and Accounting from the University of California, Berkeley, an M.B.A. from Harvard Business School, and is a Certified Public Accountant.


Ronald Lamb, 50
Director

From 1991 to 2017, Mr. Lamb was at Reynolds and Reynolds, a privately-held global provider of computer software, business documents and supplies, and professional services to automotive retailers. Mr. Lamb served as President of Reynolds and Reynolds from 2010 to 2017, where he was named a Global All-Star by Automotive News in 2016. As President, Mr. Lamb focused the company on delivering a Retail Management System, leading the drive to re-engineer its software and service portfolio from back-office Enterprise Resource Planning applications into a dynamic suite of retailing solutions. During this time, Mr. Lamb also navigated an operational overhaul of Reynolds and Reynolds with Vista Equity Partners, implementing operating best practices over an 8-year investment period. Prior to serving as President, Mr. Lamb held various roles in sales and marketing at Reynolds and Reynolds, including Vice President, Sales, where he directed all aspects of the US Systems and Documents Sales organizations. Mr. Lamb holds a B.A. in Political Science from Princeton University and an M.B.A. from Loyola College in Maryland.