GoCompare today announces that it has acquired Energylinx for £10m in cash. The Acquisition will be financed through existing resources.
The Acquisition strengthens the Group’s product and partner capabilities in the energy sector, enhancing its ability to help people find and switch to better deals.
Energylinx’s strong reputation and experience in both the domestic and business energy markets complement GoCompare’s long-established position as a leading provider of financial services and insurance comparison.
The Acquisition will form an integral part of the Group’s strategy to expand its share of the energy switching market, and will contribute to the Group’s ongoing ‘Savings as a Service™’ model, leveraging tech and product development expertise to reduce hassle for consumers by making good deals easier to find and switch to.
Matthew Crummack, CEO of GoCompare, said:
“We are pleased to announce this acquisition, which marks yet another significant milestone for the Group as we continue to build services that work for both our customers and partners. Energylinx has an excellent reputation in the industry among energy suppliers and those who use its white-label services, and we will leverage our strong brand, tech and product capabilities to expand its reach and impact to help save even more people time and money.
“I am looking forward to welcoming Ken and the rest of the Energylinx team to the Group, and to working together to reduce hassle in the energy switching market.”
Ken Geddes, CEO of Energylinx, said:
“I’m proud of what we’ve achieved at Energylinx in the 15 years since we launched. During that time, the energy market has gone through significant changes, and today consumers are faced with more choice than ever before.
“GoCompare has been a trailblazer in the use of technology to simplify choices and help people save time and money, and I’m excited to be working with them to help even more people switch to better energy deals.”
Energylinx is headquartered in Alloa, Scotland and employs a team of over 20 staff. Following completion, Ken Geddes, founder and CEO will join the Group. Energylinx is fully accredited under Ofgem’s Confidence Code.