Experian Interactive launches with acquisition of LowerMyBills.com
Experian Interactive launches with acquisition of LowerMyBills.com
May 5, 2005 — Costa Mesa, Calif. — As part of the launch of Experian Interactive, Experian today announced the acquisition of LowerMyBills.com, a leading online mortgage lead generator in the United States and the number one online financial services advertiser. The acquisition combines Experian Interactive’s other businesses, Experian Consumer DirectSM (the online market leader for credit reports, scores and monitoring products delivered directly to consumers over the Internet), MetaRewardSM and Affiliate Fuel (pay-for-performance Internet marketing companies) with LowerMyBills.com’s platform for helping consumers find loans and lower the cost of daily living. This further supports Experian’s goal of assisting consumers in managing their financial needs and positions Experian as the 15th-largest Internet company by revenue in the United States. The purchase price was $330 million, plus up to a $50 million performance-related earn-out over the next two years.
“We are very pleased to provide consumers with creative, new services to help them better manage their finances and save money at the same time,” said Ed Ojdana, group president of Experian Interactive. “LowerMyBills.com has proven to be a valuable resource for consumers. This acquisition further supports our mission of becoming a trusted and preferred source for information and products for consumers when making key financial decisions. Through our portfolio of Web sites, we will be able to connect consumers with businesses whose products and services offer the best solutions for these important decisions. We are very happy to welcome the talented people of LowerMyBills.com to the Experian family.”
LowerMyBills.com is a one-stop destination that offers savings through relationships with more than 400 service providers across 17 service categories including home loans, credit cards, long distance and wireless services, and auto and health insurance. Since its inception in 1999, LowerMyBills.com has helped more than 500,000 consumers save nearly $200 million.
“We are very pleased to be part of Experian Interactive as this will greatly expand our ability to provide the quality products and services desired by our customers,” said Matt Coffin, founder Experian Interactive launches with acquisition of LowerMyBills.com and chief executive officer of LowerMyBills.com. “Our mission to help consumers lower their monthly bills and reduce their cost of living supports Experian’s goal of assisting consumers in managing the financial aspects of key life events.”
All employees and management for LowerMyBills.com will be retained. LowerMyBills.com was founded in 1999 with investors that include eCompanies Venture Group; Split Rock Partners, Co-Manager of St. Paul Venture Capital; and Evercore Ventures. The company is located in Santa Monica, California. The acquisition is consistent with Experian’s global strategy of acquiring complementary businesses that provide new products, new data or entry into new vertical or regional markets, while leveraging the core assets of Experian.
About Experian
Experian is a global leader in providing information solutions to organizations and consumers. It helps organizations find, develop and manage profitable customer relationships by providing information, decision-making solutions and processing services. It empowers consumers to understand, manage and protect their personal information and assets. Experian works with more than 50,000 clients across diverse industries, including financial services, telecommunications, health care, insurance, retail and catalog, automotive, manufacturing, leisure, utilities, ecommerce, property and government. Experian is a subsidiary of GUS plc and has headquarters in Nottingham, UK, and Costa Mesa, Calif. Its 12,000 people in 27 countries support clients in more than 60 countries. Annual sales exceed $2.5 billion. For more information, visit the company’s Web site at www.Experian.com.
Contact: Heather Greer
Experian
714-830-7756
heather.greer@experian.com
