Price comparison website GoCompare.com is set to buy voucher discount code website MyVoucherCodes.co.uk in a reported £36.5 million deal.
The website operator confirmed it would fund the purchase of MyVoucherCodes owners, The Global Voucher Group, from Montise through a combination of existing cash resources and by extending its credit facilities.
MyVoucherCodes.co.uk was originally sold to Monitise in a deal valued at £55 million in June 2014 by founder Mark Pearson who’s in this year’s PerformanceIN50 list.
MyVoucherCodes.co.uk currently receives over 45 million annual visits and has eight million email subscribers. The website works with more than 3,000 retail brands and has reported a total revenue of £350 million in the year to the end of Junes.
It’s expected the deal once complete will boost GoCompare.com underlying profits next year and for the two companies’ websites to attract over 100 million annual visits. The website operator is also expected its revenue to grow 5% to £149 by end of 2017.
“We are making strong progress towards our ambition to become the ‘go-to’ place for savvy savers to find great deals, and for service providers to reach and acquire customers,” said Matthew Crummack, chief executive officer of GoCompare.com
“I am looking forward to MyVoucherCodes playing a valuable role within the group and providing us with the potential to help even more people, more often.” he added.