CHARLOTTE, N.C., Sept. 19, 2017 /PRNewswire/ -- LendingTree,
Inc. (NASDAQ: TREE) announced today that it has acquired
certain assets of Snap Capital LLC, a tech-enabled online platform
connecting business owners with lenders offering small business
loans, lines of credit and merchant cash advance products through a
concierge-based sales approach.
"SnapCap has a talented team with a unique, high-touch business
model," said Doug Lebda, founder and
CEO of LendingTree. "The company's concierge-based approach
provides a quality end-to-end sales experience for customers while
delivering high-intent borrowers and superior unit economics for
lending partners. This transaction is consistent with our
strategic plan and recent acquisitions, and we are confident it
will help us scale and accelerate our small business channel."
"We are incredibly excited to be part of the LendingTree team.
We have spent five years building this business and to partner with
LendingTree is strong validation of our business model and its
unique strengths" said Hunter
Stunzi, co-founder of SnapCap. "Since LendingTree first
launched its business loan marketplace in 2014, LendingTree has
been committed to increasing credit accessibility for small
businesses and we share the same vision of simplifying the loan
process for business owners. We feel confident that this
partnership will enable us to capture meaningful market share in
the small business loan space and help even more business owners
obtain the financing they need."
The acquisition purchase has a possible total consideration of
$21 million, which consists of
$12 million in cash at closing, and
contingent consideration payments of up to $9 million.
About SnapCap:
Based in Charleston, South Carolina, SnapCap is leading
a revolution in small business finance by reducing the complexities
found in the traditional lending process. Committed to investing in
small business, SnapCap offers a better way to borrow by focusing
on performance-based financing. Personal service combined with
real-time evaluation technology makes it easier to provide
financing solutions with greater speed and accuracy to the small
businesses that drive the American economy.
About LendingTree, Inc.
LendingTree,
Inc. (NASDAQ: TREE) operates the nation's leading online loan
marketplace and provides consumers with an array of online tools
and information to help them find the best loans for their
needs. LendingTree's online marketplace connects
consumers with multiple lenders that compete for their business,
empowering consumers as they comparison-shop across a full suite of
loans and credit-based offerings. Since its
inception, LendingTree has facilitated more than 65
million loan requests. LendingTree provides access
to its network of over 500 lenders offering home loans, home equity
loans/lines of credit, reverse mortgages, personal loans, auto
loans, small business loans, credit cards, student loans and
more.
LendingTree, Inc. is headquartered in Charlotte,
NC and maintains operations solely in the United States. For more information, please
visit www.lendingtree.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
The matters contained in the discussion above may be considered
to be "forward-looking statements" within the meaning of the
Securities Act of 1933, as amended, and the Securities Exchange Act
of 1934, as amended by the Private Securities Litigation Reform Act
of 1995, as amended. Those statements include statements regarding
the intent, belief or current expectations or anticipations of the
Company and members of its management team regarding the expected
benefits from the acquisition. Factors currently known to
management that could cause actual results to differ materially
from those in forward-looking statements include the following: the
retention of key employees of SnapCap and the ability of the
Company to successfully integrate SnapCap to achieve expected
benefits; adverse conditions in the economy affecting small
business lenders and their willingness or interest to acquire
marketing leads from us or SnapCap; increased competition and its
effect on our or SnapCap's website traffic, click-through
rates, advertising rates, margins, and market share ability to
provide competitive service to small business lenders and to
merchants using SnapCap's and the Company's online offerings and
other platforms; ability to maintain brand recognition for both the
Company and SnapCap and to effectively leverage the LendingTree
brand with the SnapCap brand; ability to develop new products and
services and enhance existing ones; competition; the potential
effects of existing and new laws, rules or regulations; failure to
maintain the integrity of systems and infrastructure through
integration; and failure to adequately protect intellectual
property rights or allegations of infringement of intellectual
property rights. These and additional factors to be
considered are set forth under "Risk Factors" in the Company's
Annual Report on Form 10-K for the period ended December 31,
2016, in its quarterly report on Form 10-Q for the period
ended June 30, 2017 and in its other filings with the
Securities and Exchange Commission. The Company undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results or expectations.
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SOURCE LendingTree, Inc.