Source - RNS
RNS Number : 3386R
Gocompare.com Group plc
14 June 2018
 

 

GoCompare.com Group plc

14 June 2018                                                                                          

 

GoCompare.com Group plc acquires energy switching specialist Energylinx

 

GoCompare.com Group plc (“GoCompare” or “the Group”) today announces that it has acquired Energylinx for £10m in cash (“The Acquisition”). The Acquisition will be financed through existing resources.

 

Highlights

  • Energylinx is a leading energy comparison and switching specialist and has commercial relationships with more UK energy suppliers than any other comparison provider: 69 (domestic energy) and 40 (business energy)
  • Energylinx is a trusted provider of energy comparison services to some of the UK’s best-known consumer organisations, including Which? and Citizens Advice Bureau
  • Operates a market-leading white-label proposition, with over 200 active affiliates promoting Energylinx’s service to their audiences
  • A strong fit with the Group’s strategy of strengthening its core propositions and driving new market growth

 

Acquisition rationale

The Acquisition strengthens the Group’s product and partner capabilities in the energy sector, enhancing its ability to help people find and switch to better deals.

 

Energylinx’s strong reputation and experience in both the domestic and business energy markets complement GoCompare’s long-established position as a leading provider of financial services and insurance comparison.

 

The Acquisition will form an integral part of the Group’s strategy to expand its share of the energy switching market, and will contribute to the Group’s ongoing ‘Savings as a Service™’ model, leveraging tech and product development expertise to reduce hassle for consumers by making good deals easier to find and switch to.

 

Matthew Crummack, CEO of GoCompare, said:

“We are pleased to announce this acquisition, which marks yet another significant milestone for the Group as we continue to build services that work for both our customers and partners. Energylinx has an excellent reputation in the industry among energy suppliers and those who use its white-label services, and we will leverage our strong brand, tech and product capabilities to expand its reach and impact to help save even more people time and money.

 

“I am looking forward to welcoming Ken and the rest of the Energylinx team to the Group, and to working together to reduce hassle in the energy switching market.”

 

Ken Geddes, CEO of Energylinx, said:

“I’m proud of what we’ve achieved at Energylinx in the 15 years since we launched. During that time, the energy market has gone through significant changes, and today consumers are faced with more choice than ever before.

 

“GoCompare has been a trailblazer in the use of technology to simplify choices and help people save time and money, and I’m excited to be working with them to help even more people switch to better energy deals.”

 

Energylinx is headquartered in Alloa, Scotland and employs a team of over 20 staff. Following completion, Ken Geddes, founder and CEO will join the Group. Energylinx is fully accredited under Ofgem’s Confidence Code.

 

 

For further information:

Nick Wrighton

Chief Financial Officer,

GoCompare

t: 01633 655 051

e: [email protected]

 

Chris Barrie / Jos Bieneman / Elizabeth Kittle

Citigate Dewe Rogerson

t: 0207 638 9571

e: [email protected]

Anders Nilsson

Head of external communications,

GoCompare

t: 01633 654 054

e: [email protected]

 

 

 

 

 

 

About GoCompare.com Group plc

GoCompare.com Group plc (GOCO) operates GoCompare, a leading UK financial services, utilities and home services comparison website; and MyVoucherCodes, which is a digital media and affiliate marketing specialist that connects consumers with money saving offers from the world's leading brands.

 

GoCompare attracts approximately five million visits every month and is designed to help people save time and money.

When GoCompare launched in 2006 it disrupted the insurance market as the first comparison website to display policy details rather than just listing prices. GoCompare’s goal was then, and still is now, to help people make better-informed buying decisions that save them time and money. 

 

MyVoucherCodes.co.uk is one of the UK’s biggest discount voucher websites. It launched in November 2006 and provides sales, discount and voucher code information to millions of consumers across the UK every month.

 

Each week, MyVoucherCodes send a variety of emails with the best selection of deals, vouchers and offers across fashion, restaurants, electronics, travel, beauty and more to its eight million email subscribers. 

 

GoCompare.com Group plc uses data gathered from more than 20 million customers over the last 11 years to underpin its drive to continually improve its proposition and leverage its strong position.

 

The Group is also an investor in Souqalmal.com, the leading comparison business in the Middle East; and in promising fintech start up MortgageGym, the mortgage robo-adviser.

 

 


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