Stock Market News
GoCompare buys energy comparison site Energylinx for £10m
GoCompare.com has acquired energy comparison and switching specialist Energylinx for £10m in cash in a deal that will be financed through existing resources.
The company said the acquisition strengthens its product and partner capabilities in the energy sector, enhancing its ability to help people find and switch to better deals. In addition, it will form an integral part of the strategy to expand GoCompare's share of the energy switching market.
Headquartered in Alloa, Scotland, Energylinx employs a team of more than 20 staff. Following completion of the deal, Ken Geddes, founder and CEO will join the group.
A trusted provider of energy comparison services to some of the UK's best-known consumer organisations, including Which? and Citizens Advice Bureau, Energylinx operates a white-label proposition, with over 200 active affiliates promoting its service to their audiences.
Chief executive officer Matthew Crummack said: "We are pleased to announce this acquisition, which marks yet another significant milestone for the group as we continue to build services that work for both our customers and partners. Energylinx has an excellent reputation in the industry among energy suppliers and those who use its white-label services, and we will leverage our strong brand, tech and product capabilities to expand its reach and impact to help save even more people time and money.
"I am looking forward to welcoming Ken and the rest of the Energylinx team to the group, and to working together to reduce hassle in the energy switching market."
Peel Hunt said this is a "small but strategically important acquisition".
"The importance of the deal is to bring into GoCompare stable the commercial skills underpinning the energy switching market. The deal will have limited impact on this year's forecasts, but is a material strategic step for GoCompare," it said.
At 0920 BST, the shares were up 3.1% to 132.80p.
The company said the acquisition strengthens its product and partner capabilities in the energy sector, enhancing its ability to help people find and switch to better deals. In addition, it will form an integral part of the strategy to expand GoCompare's share of the energy switching market.
Headquartered in Alloa, Scotland, Energylinx employs a team of more than 20 staff. Following completion of the deal, Ken Geddes, founder and CEO will join the group.
A trusted provider of energy comparison services to some of the UK's best-known consumer organisations, including Which? and Citizens Advice Bureau, Energylinx operates a white-label proposition, with over 200 active affiliates promoting its service to their audiences.
Chief executive officer Matthew Crummack said: "We are pleased to announce this acquisition, which marks yet another significant milestone for the group as we continue to build services that work for both our customers and partners. Energylinx has an excellent reputation in the industry among energy suppliers and those who use its white-label services, and we will leverage our strong brand, tech and product capabilities to expand its reach and impact to help save even more people time and money.
"I am looking forward to welcoming Ken and the rest of the Energylinx team to the group, and to working together to reduce hassle in the energy switching market."
Peel Hunt said this is a "small but strategically important acquisition".
"The importance of the deal is to bring into GoCompare stable the commercial skills underpinning the energy switching market. The deal will have limited impact on this year's forecasts, but is a material strategic step for GoCompare," it said.
At 0920 BST, the shares were up 3.1% to 132.80p.
Related share prices |
---|
Goco Group (GOCO) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price