uSwitch
-
Latest property news
Zoopla share prices dip after Ofgem probe
Shares in The Zoopla Property Group (ZPG), which recently acquired energy provider comparison site uSwitch, dropped by 15.9p to 258.7p at the tail end of last week, following an Ofgem investigation into whether two or more companies providing a supporting service for the energy industry breached competition law. Following shareholder and FCA approval, ZPG last week completed its acquisition of uSwitch, the comparison website and lead generation engine for energy and communications switching. But while ZPG said that the deal was designed to reaffirmthe company’s mission to be the most useful resource for consumers and most effective marketing partner for professionals operating within the property industry, the acquisition may actually prove to have been badly timed. The concern for ZPG is that uSwitch, along with MoneySupermarket, has been asked by Ofgem to provide information in relation to an investigation over whether companies supporting the energy industry have broken any rules. Despite the pending investigation, the enlarged ZPG group is now working on developing products which will directly benefit ZPG members by allowing them to source the best gas, electricity, broadband, TV and phone deals in the market and earn fees whilst saving money for their clients. The aim is that…
Read More » -
Agencies & People
Zoopla acquires price-comparison website uSwitch
Zoopla Property Group (ZPG) has announced that it is to buy online price comparison site uSwitch in a deal worth up to £190 million. ZPG, which also owns a number of other websites such as Prime Location and Smart New Homes, said the agreed deal, at £160 million plus a performance-based earn out of up to £30 million, believe that the deal will help it deliver a wider property service to people seeking the best deals online. uSwitch, owned by Ulysses Enterprises Limited, enables consumers to find the best deals from utilities such as electricity and phone bills. It had revenues of £62.9 million and earnings of £16.2 million last year with 50.3 million online visits. It claims to have saved customers £112 million last year on energy bills alone. ZPG said that the deal to acquire uSwitch will allow its members to benefit from increased engagement with home movers and greater insight into their property requirements along with enhanced exposure to the further differentiated ZPG audience. ZPG is also developing new products that will create revenue opportunities for its members around home services switching. Alex Chesterman (left), Founder & CEO of Zoopla Property Group said, “This is a transformational…
Read More »
