LendingTree, Inc. (NASDAQ: TREE) announced on Tuesday its subsidiary, LendingTree, LLC, has acquired the company behind consumer-facing media property platform, MagnifyMoney. This news comes just days after LendingTree announced it acquired DepositAccounts.com.
According to LendingTree, the acquisition purchase has a possible total consideration of $29.5 million, which consists of 29.5 million in cash at closing, and contingent consideration payments of up to $10 million. The lending platform reported that the contingent consideration shall repayable in the form of restricted stock unit awards. Speaking about the latest acquisition, Doug Lebda, founder and CEO of LendingTree, stated:
“The acquisition of MagnifyMoney is a continuation of LendingTree’s disciplined acquisition strategy and accelerates our product and marketing channel diversification efforts. The MagnifyMoney team has built a successful content platform by generating organic search traffic through unbiased editorial content, a technique that complements LendingTree’s core business and value proposition while engaging more consumers. The successful integration we’ve achieved with the CompareCards acquisition gives us increased confidence in further expanding our portfolio with the addition of MagnifyMoney and its seasoned team.”
Nick Clements, co-founder of MagnifyMoney, added:
“We are incredibly excited to join LendingTree. Given LendingTree’s emphasis on consumer empowerment and transparency, we feel confident that this is the right platform for MagnifyMoney and its editorial team to engage more consumers on a broader set of financial products.”