Moneysupermarket.com has bought leading consumer cashback business Quidco in a deal worth up to £101m.
Quidco is the second largest cashback business in the UK with around one million transacting users. It offers cashback at around 4,500 merchants including retail, travel and switching services.
The deal was announced to the London Stock Exchange on Tuesday morning and sees Moneysupermarket.com pay an initial £87m for Maple Syrup Media (trading as Quidco) with a further £14m deferred.
Quidco delivered revenue of £59.2m for the year ending July 31, 2021, with adjusted EBITDA growing significantly year-on-year to £7.9m.
Peter Duffy, CEO of Moneysupermarket Group, said: “Moneysupermarket Group exists to help households save money. Today we’ve added a broad and compelling cashback offer. We welcome Quidco: a profitable, successful business, with strong consumer engagement and high growth potential.
“We have experience of bringing complementary businesses into the Group and helping them thrive while sharing their capabilities more widely. Our growing stable of well-known and trusted consumer brands will provide households with an even more compelling savings offer. We look forward to working with Quidco to deliver this.”
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Paul Nikkel, founder and co-CEO of Quidco added: “As an early pioneer of cashback, Quidco has continually innovated to bring more cashback to more members. We are excited to continue this journey within Moneysupermarket Group which opens up more opportunities and savings for members.”
The acquisition expands Moneysupermarket Group’s approach to helping households save money while it continues to build a leading data, marketing and tech platform that flexibly supports multiple, compelling brands.
Quidco will benefit from key aspects of this platform, including data analytics, SEO expertise and upgraded customer relationship management.