Date: 15th May 2012
HYDERABAD, India, May 10, 2012 (BUSINESS WIRE) -- Ybrant Digital, the leading global digital marketing company announced today that it has entered into an agreement to purchase PriceGrabber, LowerMyBills, and ClassesUSA.com.
Experian, the global information services company, announced the news simultaneously in London today on an agreement to sell PriceGrabber, its price comparison shopping business which powers Yahoo! and MSN shopping. LowerMyBills.com, the one-stop destination that offers savings through relationships with more than 500 service providers across multiple categories, including home loans, credit cards, auto and health insurance, and long-distance and wireless services. ClassesUSA.com, is the leading online higher-education portal with 2 million visitors and 300 accredited college and university partners. This will add a business of US$283 million and employee strength of over 300, at an agreed consideration of US$175 million (INR 930 crores).
Steve Krenzer who is the President of Experian Interactive will continue to lead the new group by joining the Ybrant Digital family. "I am very excited to join the Ybrant team. With Ybrant's global footprint and our leading sites the combined group will make us the pacesetter globally." said Krenzer.
With this significant move Ybrant will nearly double its current revenues. "By adding these established brands to Ybrant, we will offer interesting new products, and a world class lead generation platform." Said Suresh Reddy, Chairman and CEO of Ybrant Digital.
Experian Interactive is currently one of the top five internet advertisers in the US. Ybrant is one of the leading digital advertisers in the global markets outside of the US. This is Ybrant's second successful foray into acquiring premium destination sites. The company successfully acquired Lycos.com in 2010. By acquiring these three established Internet brands and combining forces, Ybrant becomes the leader in many key digital marketing areas worldwide.
Experian and Ybrant are committed to completing this transaction as quickly as possible, subject to various conditions and events by Ybrant, including the initiation in trading in Ybrant Digital Limited shares on the Bombay Stock Exchange.