Canstar Group acquires fellow financial comparison site RateCity
Australian financial comparison site, Canstar, has announced the acquisition of fellow comparison service RateCity.
This is the Canstar Group’s first acquisition, the company looking to bolster its capabilities, increasing investment in technology and data.
The purchase comes as Canstar looks to “leverage RateCity’s technology to improve customer engagement and integration,” according to a statement released.
RateCity CEO Paul Marshall and Canstar CEO and managing director Andrew Spicer
Canstar’s managing director and CEO, Andrew Spicer said, adding RateCity to the Canstar Group “shows our commitment to being the leading digital intermediary in personal finance”.
“Bringing together these two strong brands gives us the ability to combine our tech capabilities and build more comprehensive, more dynamic, data-rich digital platforms.”
Paul Marshall, RateCity’s CEO said: “This is a fantastic endorsement of the RateCity team’s efforts and success to date and we’re excited for the future of the business as part of a strong group, aligned with our values.”
Both brands will continue to operate separately, while leveraging shared learnings across provider integrations, technology platforms and data.
As a result, Nine has fully disposed of its 50% stake in RateCity. The terms of the transaction are confidential.
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