The online lending marketplace LendingTree has agreed to purchase QuoteWizard, one of the largest insurance comparison websites, in a deal worth up to $370.2 million — $300 million in cash and up to $70.2 million in contingencies paid out if QuoteWizard achieves growth targets over the next three years.

The acquisition, which is expected to close in the fourth quarter of the year, is part of Charlotte-based LendingTree’s efforts to branch out into the insurance space. Along with connecting consumers with banks and lenders, LendingTree recently launched a credit analysis tool and publishes regular reports on the state of the housing market.

Now the acquisition will allow both companies to offer more home-related services in one space.

“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 category,” said Doug Lebda, LendingTree’s founder and CEO, in a prepared statement.

QuoteWizard, which was founded in 2016, reported $75.6 million in revenue during the first half of 2018. The company has 150 employees across three offices: its headquarters in Seattle, as well as Denver and Sacramento, and QuoteWizard’s CEO Scott Peyree told Geekwire there would not be layoffs as a result of the deal.

“This acquisition will give our business the reach and tools it needs to continue our growth trajectory while further diversifying LendingTree’s product portfolio,” said QuoteWizard.com founder Scott Peyree in a statement. “We’re simply thrilled to join the LendingTree team and really excited about what our two companies will be able to do together in the coming years.”

Email Veronika Bondarenko

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription