Business

Charlotte-based LendingTree looking to diversify with latest acquisition

In this file photo, then-N.C. Commerce Secretary John Skvarla gives a wooden bowl to LendingTree CEO Doug Lebda after tthe company announced 314 new jobs. Katherine Peralta kperalta@charlotteobserver.com
In this file photo, then-N.C. Commerce Secretary John Skvarla gives a wooden bowl to LendingTree CEO Doug Lebda after tthe company announced 314 new jobs. Katherine Peralta kperalta@charlotteobserver.com kperalta@charlotteobserver.comTYhe

LendingTree Inc., the Charlotte-based operator of LendingTree.com, announced Thursday that it has acquired certain assets from the operator of DepositAccounts.com for as much as $33 million, as it looks to diversify its financial services offerings.

Founded in Charlotte in 1998, LendingTree is an online loan broker that connects consumers with lenders, banks, and credit partners. DepositAccounts.com, based in Birmingham, Ala., tracks more than 270,000 consumer deposit rates.

LendingTree said it will look to utilize DepositAccounts.com’s “rich database of deposit products, data aggregation technology, and expert editorial content” to expand its own offerings.

“After looking at the deposit space for years, DepositAccounts.com was the clear choice given its ability to provide consumers with the deepest and most robust deposit product data along with useful and informative editorial content,” said Doug Lebda, founder and CEO of LendingTree.

LendingTree said it would pay $24 million at closing and as much as $9 million in additional contingent payments.

In April, LendingTree reported a first-quarter profit of $7.8 million, up 13 percent from a year earlier. Total revenue increased 40 percent to $132.5 million.

In November, the company said it planned to add 314 workers in Charlotte thanks to a $4.9 million incentives package from the state, more than doubling its local presence over the next five years.

Matt Kaminer: 704-358-5258, @MattKaminer

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