Schibsted Media Group has agreed to acquire the personal finance market place Compricer.se. Compricer will be a part of Schibsted Tillväxtmedier, and is a good strategic fit with the existing portfolio of fast growing personal finance oriented online companies in the unit.
Schibsted will pay SEK 135 million for 100 percent of the shares in Compricer, where operating profit in 2013 is expected to be around SEK 12-13 million. There will be further payments if the performance of Compricer exceeds certain thresholds in 2014 and 2015. Significant synergies between Schibsted’s existing personal finance operations and Compricer have been identified. Compricer will benefit from becoming part of Schibsted Tillväxtmedier and Schibsted’s network of Swedish online sites, where the online newspaper Aftonbladet.se and the online classifieds site Blocket.se are the largest traffic machines.
– The acquisition of Compricer is another step in the direction of taking the leading position as online personal finance market place in Sweden. Compricer is an excellent fit with our existing personal finance operations, and the acquisition will strengthen our ability to continue the last few years’ profitable growth in this segment of the market, CEO of Schibsted Tillväxtmedier Mats Eriksson says.
Compricer was founded in 2005, and is managed by the founder Jakob Tolleryd.
– With Schibsted’s strength in online and offline media, Compricer will be able to help more consumers make good decisions in their personal finances. It will contribute to strengthening Compricer’s position as the leading comparison service for financial services in Sweden, Jakob Tolleryd says.
Compricer has a broad product portfolio in the personal finance segments with 25 different categories, and is particularly strong in insurance. It complements Schibsted Tillväxtmedier’s existing portfolio of personal finance sites like Lendo, Suredo, Kundkraft, Elpriser.se, Mobilio and MittBolån.se. Schibsted’s existing operations within personal finance grew its revenues by around 50 percent in the first half of 2013. In 2012 Compricer had revenues of close to SEK 70 million, and has 120 employees.
Contact person investors and analysts:
Trond Berger, CFO. Tel: +47 916 86 695
Contact persons media:
Mats Eriksson, CEO Schibsted Tillväxtmedier. Tel: +46 70 527 89 00
Jakob Tolleryd, CEO and founder, Compricer AB. Tel: +46 709 64 23 80
Oslo, 9. september 2013
Jo Christian Steigedal
VP Investor Relations