SYDNEY: Cashed-up and continuing on with its recent purchase spree, ninemsn has announced it will acquire a part ownership of health insurance comparison site iSelect.
The web services portal has announced its intention to acquire 35% of iSelect – a popular site that lists and compares health insurance prices. According to ninemsn, the total value of the company is listed as $40 million, meaning ninemsn has acquired an approximate $13 million share in the company.
Under the acquisition terms, ninemsn will appoint two directors to the iSelect board, chaired by CEO Damien Waller. The website launched in 2000 offering a then unique service to consumers by listing and comparing prices for private health insurance.
In a statement, ninemsn CEO Martin Hoffman said the acquisition marked an interesting time for his company, which continues to build up its presence in the online sector.
"By investing in iSelect, we are investing in an Australian Internet pioneer," Hoffman said.
"ninemsn recognises the enormous potential of the unique technology iSelect has developed, initially for the health insurance industry. It provides a platform for the comparison and recommendation of complex consumer services across a range of industries," he said.
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