In an enormous deal for as much as £101m, it has been introduced that Quidco has been acquired by Moneysupermarket Group. The writer has agreed to amass 100 per cent of the issued share capital of Maple Syrup Media Ltd, which trades as Quidco.
Peter Duffy, CEO at Moneysupermarket Group, mentioned: “Moneysupermarket Group exists to assist households lower your expenses. Right this moment we’ve added a broad and compelling cashback supply. We welcome Quidco: a worthwhile, profitable enterprise, with robust client engagement and excessive progress potential.
“We have now expertise of bringing complementary companies into the group and serving to them thrive whereas sharing their capabilities extra broadly.
“Our rising steady of well-known and trusted client manufacturers will present households with an much more compelling financial savings supply. We sit up for working with Quidco to ship this.”
Moneysupermarket Group has roughly a million transacting customers. It presents cashback at about 4,500 retailers together with journey, retail and switching companies.
The corporate reported income of £59.2m for the 12 months ending 31 July 2021, with a pre-tax revenue of £7.6m.
Paul Nikkel, founder and co-chief govt at Quidco, mentioned: “As an early pioneer of cashback, Quidco has regularly innovated to convey extra cashback to extra members.
“We’re excited to proceed this journey inside Moneysupermarket Group which opens up extra alternatives and financial savings for members.”
Following completion of the deal, founder and Co-Chief Government Paul Nikkel will take up an advisory function in relation to Quidco inside the group, whereas fellow Co-CEO Tim Gibson will depart the enterprise.
The deal is unconditional and is predicted to finish on 1 November 2021.
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