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"LendingTree's CompareCards has an excellent track record as the market leading provider of on-line matchmaking services with strong issuing partner relations and unmatched experience in the field of advanced payment processing," said Doug Lebda, LendingTree company creator and CTO. It is our firm belief that Compare Cards' technological platforms, strong issuing capabilities and sector know-how will help us grow and further strengthen our position in the on-line benchmarking market.
" "LendingTree is very much looking forward to joining the LendingTree community and our common future," said Chris Mettler, Founder and President of CompareCards. "Our key capabilities, particularly with respect to premium consumer lending, will improve LendingTree's capacity to gain a significant portion of the global consumer demand for consumer cards.
CompareCards have been supplied for the nine month period to 30 September 2016: "LendingTree is particularly pleased with CompareCards' increasing 2016 profits, due to sustained technologies and groundbreaking market capabilities," said Gabe Dalporto, Chief Financial Officer of LendingTree. As a result of this transaction, as if it had taken place at the beginning of the year, the company will generate 51 % nonmortgage income per share of the first nine months' aggregate volume up to 30 September 2016.
It is our belief that CompareCards' consistently high data volume, talent and prestigious reputations will complement our businesses and we are optimistic that this deal will lead to a significant and immediate positive result for LendingTree. "LendingTree will hold a telephone briefing on November 17, 2016 at 8:30 a.m. Eastern Time (ET) to review the deal and respond to analyst inquiries.
The San Francisco-based merchant banking firm Vista Point Advisors served as the sole financing adviser to CompareCards.