XLMedia to acquire Canada’s Greedyrates
XLMedia has agreed a deal to acquire Canadian credit card comparison website Greedyrates.ca for a total consideration of $9.3 million (€8.8 million).
In a statement confirming the agreement, digital marketing services operator XLMedia – which specialises in online gaming - said the deal should be finalised before the end of the first quarter, adding that it expects earnings to increase following completion.
The firm will integrate Greedyrates into its proprietary Palcon infrastructure, in a move it said will enable improved day-to-day maintenance and performance, with plans in place to also further develop its offering and geographical reach within financial services.
The deal also includes a number of additional domains, which XLMedia plans to use and develop.
XLMedia said financial services is a “key growth vertical” for the company and the acquisition of Greedyrates represents the firm’s “first significant publishing asset in this sector”.
The company also said that the deal will “significantly enhance” its presence in North America and is a further demonstration of XLMedia’s ability to diversify its revenue streams
Ory Weihs, chief executive of XLMedia, added: “As a leading credit card comparison site Greedyrates is a household name in Canada and, with its existing footprint and brand recognition, it represents an excellent opportunity for XLMedia to increase its North American presence and establish a foothold in the financial services market.
“There is significant opportunity within the financial services sector and we believe this acquisition will be the catalyst to our operations in the sector, which could be a significant future growth engine for the group.”
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