Online loan marketplace LendingTree has acquired QuoteWizard.com for a total consideration of $370.2m.
The deal will consist of $300m in cash at closing and a further $70.2m in contingent payments.
QuoteWizard.com is an insurance comparison online marketplace, providing consumers with personalised quotes for auto, home, renters, health and Medicare policies. Since the company was founded in 2006, it has helped around 40 million consumers find the right cover.
Over the past six months, QuoteWizard has reached $75.6m in revenue and around $12.8m in adjusted EBITDA, according to the company. Through this acquisition, QuoteWizard is hoping to continue its growth trajectory and help diversify LendingTree’s product portfolio.
LendingTree founder and CEO Doug Lebda said, “With QuoteWizard’s proprietary technology platform, direct relationships with over 30 of the top-tier carriers and a network of nearly 10,000 agents, combined with LendingTree’s strong brand and extensive reach, we will be well-poised to capitalize on the growing market opportunity that stems from the ongoing digitalization of the financial services industry.”
North Carolina-headquartered LendingTree is an online marketplace for loans, which also provides consumers with tools to understand their needs and find the best policy. The platform helps consumers to compare a range of products including home refinancing, personal loans, auto loans, business loans, credit cards, insurance, student loans, and reverse mortgage, among others.
Earlier in the year, LendingTree acquired credit repair platform Ovation Credit Services in a $20.75m deal.
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