LK Group, a Melbourne-based group of private companies established by the founder of Dodo and the owner of the National Basketball League, has recently purchased InfoChoice from iSelect.
According to a document sighted by Mortgage Business, the acquired financial services comparison site, which was established in 1993, will be rebranded and relaunched “in the coming months”.
iSelect disclosed to the Australian Securities Exchange (ASX) last month in its first-half financial results presentation that it had divested InfoChoice as part of its “renewed focus on core operations”.
“During FY18, a one-off non-cash impairment charge of $16.9 million was incurred against InfoChoice following a strategic review undertaken of that business unit. As a result of the review and strategy of focusing on core business and profitable growth, InfoChoice was sold,” iSelect’s ASX announcement states.
However, LK Group and InfoChoice were not able to reveal to Mortgage Business the exact value of the deal.
At present, InfoChoice compares more than 3,500 financial products – including home and personal loans – from more than 160 providers across Australia, with over 1 million visitors using the comparison site per year.
The internal document mentions “fresh initiatives” in the pipeline to expand InfoChoice’s customer engagement and partner base, including the launch of new digital tools and the establishment of new verticals.
Further details on strategy are to be provided at a later date.
Led by CEO Vadim Taube, InfoChoice is LK Group’s first financial services business.
Tas Bindi is the features editor on the mortgage titles and writes about the mortgage industry, macroeconomics, fintech, financial regulation, and market trends.
Prior to joining Momentum Media, Tas wrote for business and technology titles such as ZDNet, TechRepublic, Startup Daily, and Dynamic Business.