RALEIGH – Even, a venture-backed startup with a portion of its workforce based in the Triangle, will be acquired by Hazel, a company backed by Walmart.
The company released a blog post detailing the agreement, written by David Baga, the company’s CEO. Baga’s post includes the full copy of an email he said he sent to the company’s employees, which he referred to as “Eveners.”
“I’m sure that this comes as a shock to many of you,” Baga’s post notes. “This is a critical step to doing the most good for the most people.”
No employees are expected to lose their jobs, Baga noted. “On the contrary, Even is about to enter a growth mode like we’ve never experienced,” he wrote, calling the acquisition an “unprecedented opportunity that will unlock the way employees get paid and manage their money.”
Newly formed company will retain, hire staff
A spokesperson for the company told WRAL TechWire that the company’s mission “has always been to improve the financial lives of its users through the tools that the platform provides,” adding that the merger will enable the company to gain additional “team members, resources and technology in order to super charge that mission.”
That means the combined company, which does plan to scale after clearing regulatory approval, will both retain existing staff and hire additional employees “across all departments,” the spokesperson said.
In the published letter, Baga described the rationale for the acquisition, noting that the deal will yield access to Walmart’s physical and digital channels “providing solutions to its 1.6 million U.S. associates and 150 million weekly shoppers.”
Silicon Valley’s fintech Even, with a founder from Raleigh, is growing Triangle presence
ONE also to be acquired
The deal also includes the acquisition by Hazel of another financial technology company, ONE, and the combined company will become known as ONE after the deal concludes, the Wall Street Journal first reported. Baga’s letter to employees confirmed this agreement.
“The result of this merger, pending regulatory approval in the coming months, is a new combined company that will leverage the ONE brand and will be led by Omer Ismail,” Baga’s letter reads.
Even is backed by Durham-based Bull City Venture Partners, and according to Crunchbase, the firm previously raised some $52 million in funding.
Jason Caplain, general partner of Bull City Venture Partners, confirmed the deal to WRAL TechWire, noting in an email that this marks the firm’s fifth exit in the last six months. The venture capital fund will experience a cash exit, Caplain said.
Company cofounder Quinten Farmer dropped out of North Carolina State University at age 19. WRAL TechWire profiled Farmer, and the company, in 2019.
CNBC also reported the deal.
