Englwood Cliffs-based ConnectOne Bancorp Inc., the parent company of ConnectOne Bank, announced it has agreed to acquire BoeFly Inc., a New York City-based online business lending marketplace and suite of technology products.
Under terms of the deal, Michael Rozman, co-founder and CEO of BoeFly, will join ConnectOne as president of the BoeFly division along with the rest of the BoeFly employees. BoeFly will continue to operate within ConnectOne as an independent brand.
“Similar to ConnectOne, BoeFly is built on a mission of offering frictionless, efficient solutions for small- to mid-sized businesses, and this partnership represents a unique opportunity to leverage the digital foundation we have built. In addition, the transaction provides ConnectOne an avenue to expand and diversify non-interest income, while also enhancing our recently established SBA line of business. Given these synergies, the addition of BoeFly’s innovative online platform and entrepreneurial team are a natural fit for ConnectOne,” Frank Sorrentino, ConnectOne’s chairman and CEO, said.
BoeFly’s current online lending platform has supported more than $5 million in financing deals, including franchise financing, small business loans, loan sales and commercial financing, while generating revenue through referral and subscription fees.
“We’re honored to join the ConnectOne team and are excited that our unparalleled relationships with a diverse group of lending institutions, commercial lenders, franchisors and professional loan brokers will remain intact. ConnectOne’s management team has demonstrated the ability to build a high-performing, growth company and we look forward to leveraging their experience as we continue to invest in market-leading solutions for our clients,” Rozman said.
The deal is expected to close in the second quarter of 2019. Financial terms were not disclosed.