LendingTree, Inc. (NASDAQ: TREE) announced today that it has entered into a definitive agreement to acquire Ovation Credit Services, Inc., a leading provider of credit services with a strong customer service reputation. Ovation Credit Services utilizes a proprietary software application that facilitates the credit repair process and is integrated directly with certain credit bureaus while educating consumers on credit improvement via ongoing outreach with Ovation case advisors.
“LendingTree is committed to helping all consumers meet their financial goals, regardless of where they are in the credit spectrum,” said Doug Lebda, founder and CEO of LendingTree. “According to industry estimates, almost one-third of Americans have poor or bad credit, and our own consumer traffic mirrors this situation. By acquiring Ovation Credit Services, LendingTree will be able to better educate consumers about credit management and provide options for those consumers who have struggled with obtaining financing. Ovation Credit Services’ experienced management team, strong credit bureau relationships and customized software platform will ultimately enable LendingTree to help more consumers achieve their original financial goals through the LendingTree platform.”
“We are incredibly excited to join the LendingTree team,” said Terry Cordell, President of Ovation Credit Services. “Given LendingTree’s emphasis on consumer education and empowerment, we are confident that this is the right platform for Ovation Credit Services to expand its reach and help more consumers improve their credit health.”
LendingTree will acquire the shares of Ovation Credit Services for a total consideration of $20.75 million, which consists of $12 million in cash at closing, and contingent consideration payments of up to $8.75 million.
The transaction is expected to close in the second quarter of 2018, subject to regulatory approvals and other customary closing conditions.
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.
