LendingTree is dipping its toes into the insurance space. The mortgage-comparison site has agreed to acquire QuoteWIzard, one of the largest online insurance comparison websites. LendingTree will pay up to $370.2 million for QuoteWIzard, $300 million in cash at closing and contingent payments of up to $70.2 million, subject to hitting certain targets over a three-year period, according to a report by Insurance Journal.
“By acquiring QuoteWizard, LendingTree will establish itself as a leading player in the online insurance advertising industry, while continuing our ongoing diversification within the financial services industry,” said Doug Lebda, LendingTree founder and CEO.
“LendingTree’s strong brand identity, online marketing, and technology capabilities are the ideal match for what we’ve built at QuoteWizard,” said QuoteWizard co-founder and CEO Scott Peyree. “This acquisition will give our business the reach and tools it needs to continue our growth trajectory while further diversifying LendingTree’s product portfolio.”
QuoteWizard has received 6.5 million n requests for insurance quotes since the beginning of the year, according to Insurance Journal. Lebda said that he thinks branding under the LendingTree name will grow that number even more.