LendingTree is dipping its toes into the insurance policy house. The mortgage loan-comparison internet site has agreed to purchase QuoteWizard, a person of the most significant on-line coverage comparison web sites. LendingTree will pay up to $370.2 million for QuoteWizard, $300 million in funds at closing and contingent payments of up to $70.2 million, subject matter to hitting specific targets in excess of a three-12 months period of time, according to a report by Insurance policy Journal.
“By obtaining QuoteWizard, LendingTree will build itself as a primary participant in the on-line insurance policies advertising and marketing sector, when continuing our ongoing diversification inside of the financial expert services marketplace,” explained Doug Lebda, LendingTree founder and CEO.
“LendingTree’s robust model identification, on the net advertising and marketing, and know-how abilities are the ideal match for what we’ve built at QuoteWizard,” claimed QuoteWizard co-founder and CEO Scott Peyree. “This acquisition will give our enterprise the access and equipment it wants to continue our expansion trajectory although additional diversifying LendingTree’s merchandise portfolio.”
QuoteWizard has received 6.5 million n requests for insurance policy estimates due to the fact the commencing of the year, according to Insurance Journal. Lebda claimed that he thinks branding under the LendingTree title will develop that range even more.