CHARLOTTE, N.C., June 15, 2017 /PRNewswire/ -- LendingTree,
Inc. (NASDAQ: TREE) announced today that it has acquired
certain assets of Deposits Online, LLC, which does business under
the name DepositAccounts.com, a leading consumer-facing media
property in the depository industry. DepositAccounts.com is one of
the most comprehensive sources of depository deals and analysis on
the Web, covering all major deposit product categories through
editorial content, programmatic rate tables and user-generated
content.
"After looking at the deposit space for years,
DepositAccounts.com was the clear choice given its ability to
provide consumers with the deepest and most robust deposit product
data along with useful and informative editorial content," said
Doug Lebda, founder and CEO of
LendingTree. "This acquisition is a natural next step for
LendingTree as we continue to leverage LendingTree's brand and
industry-leading position to further diversify and expand into new
financial services categories. We strongly believe that
DepositAccounts.com's rich database of deposit products, data
aggregation technology, and expert editorial content will enable us
to offer consumers a more comprehensive shopping experience in all
major financial product categories."
"We couldn't be more pleased to join the LendingTree team and
are excited about our future together," said Ken Tumin,
co-founder of DepositAccounts.com. "We are confident that
LendingTree's strong brand, deep bank and lender relationships, and
world-class leadership team will help DepositAccounts.com reach
more consumers and achieve its mission of being the undisputed
industry-leading source of depository banking information and tools
for consumers."
The acquisition purchase has a possible total consideration of
$33 million, which consists of
$24 million in cash at closing, and
contingent consideration payments of up to $9 million.
Founders Investment Banking acted as the exclusive financial
advisor to DepositAccounts.com.
About Deposits Online, LLC:
Deposits Online, LLC,
operates DepositAccounts.com, the largest and most comprehensive
online publication in the United
States dedicated to providing bank deposit account
information for consumers. It covers all 11,500+ federally insured
banks and credit unions and utilizes its patented technology to
daily track and update more than 270,000 consumer deposit rates.
The site features more than 12,000 editorial articles detailing
creative depository strategies and highlighting current bank rates
and offers. It is also home to one of the largest communities of
depositors on the Web, hosting more than 120,000 comments, customer
reviews, and forum threads.
About LendingTree, Inc.
LendingTree, Inc. (NASDAQ: TREE) operates the nation's
leading online loan marketplace and provides consumers with an
array of online tools and information to help them find the best
loans for their needs. LendingTree's online
marketplace connects consumers with multiple lenders that compete
for their business, empowering consumers as they comparison-shop
across a full suite of loans and credit-based offerings.
Since its inception, LendingTree has facilitated more
than 65 million loan requests. LendingTree provides
access to its network of over 500 lenders offering home loans, home
equity loans/lines of credit, reverse mortgages, personal loans,
auto loans, small business loans, credit cards, student loans and
more.
LendingTree, Inc. is headquartered in Charlotte,
NC and maintains operations solely in the United States. For more information, please
visit www.lendingtree.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
The matters contained in the discussion above may be considered
to be "forward-looking statements" within the meaning of the
Securities Act of 1933, as amended, and the Securities Exchange Act
of 1934, as amended by the Private Securities Litigation Reform Act
of 1995, as amended. Those statements include statements regarding
the intent, belief or current expectations or anticipations of the
Company and members of its management team regarding the expected
benefits from the acquisition. Factors currently known to
management that could cause actual results to differ materially
from those in forward-looking statements include the following: the
retention of key employees of DepositAccounts.com and the ability
of the Company to successfully integrate DepositAccounts.com to
achieve expected benefits; adverse conditions in the economy
affecting deposit institutions and their willingness or interest to
advertise on our or DepositAccounts.com's websites or mobile
applications; increased competition and its effect on our or
DepositAccounts.com's website traffic, click-through rates,
advertising rates, margins, and market share ability to provide
competitive service to deposit institutions and to consumers using
DepositAccounts.com's and the Company's online offerings and other
platforms; ability to maintain brand recognition for both the
Company and DepositAccounts.com and to effectively leverage the
LendingTree brand with the DepositAccounts.com brand; ability to
develop new products and services and enhance existing ones;
competition; the potential effects of existing and new laws, rules
or regulations; failure to maintain the integrity of systems and
infrastructure through integration; and failure to adequately
protect intellectual property rights or allegations of infringement
of intellectual property rights. These and additional factors
to be considered are set forth under "Risk Factors" in the
Company's Annual Report on Form 10-K for the period
ended December 31, 2016, in its quarterly report on Form 10-Q
for the period ended March 31, 2017 and in its other
filings with the Securities and Exchange Commission. The Company
undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results or
expectations.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lendingtree-acquires-depositaccountscom-300474447.html
SOURCE LendingTree, Inc.