The transaction marks iSelect's entry into the B2B comparison market
Mills Oakley has helped ASX-listed online product comparison company iSelect Limited complete a $26.6m strategic investment into B2B comparison and technology business CIMET Holdings Pty Ltd.
The investment authorises iSelect to initially acquire a 49% stake in CIMET. The deal will boost iSelect’s business by expanding its customer reach for energy and utility comparisons globally, strengthening its overall core offerings and continuously offering customers its market leading comparison technology.
The investment will also help CIMET expand into other verticals and further the advancement of its technology platform.
The deal, which completed on Tuesday, was effected by way of subscription and purchase of shares. It marks iSelect’s entry into the B2B comparison market, according to Mills Oakley.
The transaction amount involves a combination of cash and scrip and includes deferred and earn-out components.
“We’re thrilled to have iSelect onboard as our strategic investor and accomplice as we start this new chapter,” CIMET CEO Ankit Jain said. “Receiving such a major funding from a family model like iSelect after solely three and half years of being in operation is a big milestone for CIMET because it marks a key turning level for the corporate.”
Corporate partners Tony Symons and Brendan Sheehan led the Mills Oakley team on the transaction, with assistance from associate Zara Treacy and lawyers Dania Ammouche and Laura Chesney. The banking and finance team, headed by partner Monique Stella, offered advice on securing the ANZ loan facilities to finance the transaction.
The firm’s competition and employment law teams provided additional support.
“iSelect has been a pioneer in the price comparison market,” Symons said. “We are delighted to have assisted iSelect in seizing this opportunity to enhance its core business, renew its technology platform and diversify its revenue.”
