A move towards continued innovationIn light of the deal, MoneySuperMarket Group will acquire 100% of the issued share capital of Maple Syrup Media Ltd, which trades under Quidco.
The company, which operates a price comparison platform, currently boasts approximately a million active users. It also offers cashback at around 4,500 merchants within the travel, retail, and switching services industries. A pioneer in its field, it reported revenue of £59.2m for the year ending 31 July 2021 as well as a pre-tax profit of £7.6m.
CEO at MoneySuperMarket Group, Peter Duffy, 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.”
He also added: “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.”
A welcome addition
Co-Founder of Quidco, Paul Nikkel, 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.”
The deal is expected to be finalised on 1 November 2021 and will see Paul Nikkel take up an advisory role in relation to Quidco whilst fellow CEO Tim Gibson will leave the business.