LendingTree Completes Acquisition of Domania
Charlotte, NC-March 4, 2004-LendingTree, Inc.®, the leading online lending and realty services exchange, today announced it has successfully acquired key assets of Domania from PRIMEDIA Inc. Domania provides innovative customer acquisition, retention and marketing services to the real estate, banking and mortgage industries.
Included in the acquisition are Domania’s consumer Web site, Domania.com (featuring its HomePriceCheck comps search engine), and Domania’s award-winning business-to-business product, Portfolio Protect®. Current blue chip lender contracts for Portfolio Protect were also acquired. Terms of the deal were not disclosed.
“This acquisition reflects our commitment to providing exceptional value to our REALTOR® and lender partners,” said Eric Cunliffe, senior vice president and general manager of LendingTree Realty Services. “In particular, Domania’s unique approach to predictive marketing, which focuses on turning prospects into customers, and turning customers into repeat business, will be a huge asset to LendingTree.”
“This acquisition is a validation of our hard work in creating a world class product, and we’re confident that LendingTree’s resources and vision will help Domania serve its clients even more effectively,” said Ben Joslin, vice president of marketing and general manager of Domania. “We’re especially pleased that Domania’s clients will remain with us as part of this acquisition, and we look forward to serving their marketing needs as part of the LendingTree family.”
Founded in 1989, Domania provides marketing services, including retention marketing and customer acquisition, for industry leading lenders including CitiMortgage, Chase, CharterOne, and Waterfield, and lead generation services for on-line real estate companies. Its consumer site was named “one of the 50 most important financial sites” by Money Magazine and its Portfolio Protect product won the best technology innovation award from Mortgage Technology Magazine.
About LendingTree, Inc.
Founded in 1996, LendingTree, an operating business of IAC/InterActiveCorp (NASDAQ: IACI), is the leading online lending exchange that connects consumers, Lenders, REALTORS®, and related service providers. The LendingTree exchange is made up of more than 200 banks, lenders, and brokers (Lenders) and has facilitated nearly $75 billion in closed loans since inception. More than 12 million consumers have accessed the LendingTree exchange through the Company’s site at www.lendingtree.com and through online and offline partners. Loans available via the LendingTree exchange include home mortgage, home equity, automobile, personal, debt consolidation, and credit cards. LendingTree is the No. 1 brand in online lending for consumers, with 73 percent national awareness. The LendingTree Lend-XSM technology has been cited as “the platform of choice”(a) for online lending and has been adopted by industry leaders to power their online lending initiatives. The LendingTree Realty Services offering connects consumers to a nationwide network of approximately 10,000 REALTORS®. The Company’s services and products are specifically designed to empower consumers, Lenders and related service providers throughout the lending process, delivering convenience, choice and excellent value.
IAC/InterActiveCorp (Nasdaq: IACI) is the world’s leading multi-brand interactive commerce company. IAC consists of IAC Travel, which includes Expedia, Inc., Hotels.com, Hotwire, Interval International, and TV Travel Shop; HSN; Ticketmaster, which oversees ReserveAmerica; Match.com; Lending Tree; Precision Response Corporation; and IAC Local Services, which includes Citysearch, Evite, and Entertainment Publications, Inc.
(a) Resuscitating Mortgage Lending, Forrester Research, March 2001.
REALTOR® — A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.