In a huge deal for up to £101m, it has been announced that Quidco has been acquired by Moneysupermarket Group. The publisher has agreed to acquire 100 per cent of the issued share capital of Maple Syrup Media Ltd, which trades as Quidco.
Peter Duffy, CEO at Moneysupermarket Group, said: “Moneysupermarket Group exists to help households save money. Today we’ve added a broad and compelling cashback offer. We welcome Quidco: a profitable, successful business, with strong consumer engagement and high growth potential.
“We have experience of bringing complementary businesses into the group and helping them thrive while sharing their capabilities more widely.
“Our growing stable of well-known and trusted consumer brands will provide households with an even more compelling savings offer. We look forward to working with Quidco to deliver this.”
Moneysupermarket Group has approximately one million transacting users. It offers cashback at about 4,500 merchants including travel, retail and switching services.
The company reported revenue of £59.2m for the year ending 31 July 2021, with a pre-tax profit of £7.6m.
Paul Nikkel, founder and co-chief executive at Quidco, said: “As an early pioneer of cashback, Quidco has continually innovated to bring more cashback to more members.
“We are excited to continue this journey within Moneysupermarket Group which opens up more opportunities and savings for members.”
Following completion of the deal, founder and Co-Chief Executive Paul Nikkel will take up an advisory role in relation to Quidco within the group, while fellow Co-CEO Tim Gibson will leave the business.
The deal is unconditional and is expected to complete on 1 November 2021.