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(New York, NY) June 14, 2012 – On Deck, the technology platform that connects Main Street directly to capital, announced today it has added Ron Verni to its Board of Directors. Verni brings more than 20 years of experience serving the small to medium business market.
Under Verni’s leadership as CEO of Sage Software, he helped grow the company from $157 million to over $1 billion in revenue, from under 1,000 employees to over 5,000 and from 1 million business customers to over 2.5 million, while consistently achieving 20+% EBITDA. As President and CEO at Peachtree Software, he led the company’s revenue surge from under $30 million to over $100 million and to its subsequent successful acquisition by Sage Group. Verni is also widely known for having developed and successfully marketed the first restaurant payroll system for the IBM PC. Verni has been named as one of the Top 100 Most Influential People by Accounting Today magazine, won the Influential Leaders Award from CRM Magazine and was recognized by Start-It magazine as a CEO Visionary.
“On Deck is addressing a fundamental flaw within America’s small business lending system, a segment in dire need of technology innovation and transformation,” said Noah Breslow, chief executive officer, On Deck. “Ron’s proven track record in helping to grow technology businesses, coupled with his direct experience with the small to midsize business market will serve On Deck well.”
On Deck’s technology platform is helping to solve one of the biggest challenges facing millions of small businesses around the nation and something banks have been unable to solve: how to effectively deliver capital to Main Street. On Deck evaluates the financial health of small businesses based on factors such as cash flow and business credit data, rather than the traditional benchmark of the personal credit score. The On Deck platform can identify creditworthy businesses where others cannot, and to date has delivered over $200 million to the underserved Main Street segment.
“My professional career has been dedicated to serving the needs of small business owners,” said Verni. “I’ve witnessed firsthand the challenges they face and there is no greater need among this group than access to capital. On Deck is leading the way to solve this problem and I look forward to working with them as they fundamentally change how small businesses nationwide access financing.”
About On Deck
Launched in 2007, On Deck Capital uses data aggregation and electronic payment technology to evaluate the financial health of small businesses and to efficiently deliver capital to a market underserved by traditional bank loans. Through the On Deck Capital platform, millions of small businesses can obtain affordable loans to meet their daily operating and long term goals. The company’s proprietary platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner’s personal credit history. The On Deck system also provides a critically needed mechanism for commercial institutions to efficiently reach and serve the historically underserved Main Street small businesses market.
On Deck Capital is financed by some of the nation’s leading venture capital firms, including SAP Ventures, Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures.