London-based RVU, owners of home services switching service Uswitch and financial comparison site Money.co.uk, is broadening its comparison portfolio by agreeing to acquire Penguin Portals from Admiral Group plc.
Penguin Portals is a global network of insurance-focused comparison platforms that include Confused.com in the UK as well as Rastreator.com and LeLynx.fr, market leaders in car insurance comparison in Spain and France respectively. The network of over 600 employees also includes a start-up in Mexico and a development centre in India.
RVU, the Comparison division of ZPG, is a group of digital brands working to empower consumers by helping them compare and switch home services and financial products. RVU’s agreement to acquire Penguin Portals would allow the group to broaden this consumer focused mission to the UK insurance sector as well as internationally.
Tariq Syed, CEO of RVU, said: “Penguin Portals offers an exciting opportunity for us to expand our comparison brand portfolio and geographic reach. With a shared mission to empower consumers to make more confident decisions, I’m incredibly excited to see the opportunities that we can create together. Culturally we are also very aligned - we believe in winning in the right way and keeping consumers at the heart of everything we do.
“With its strong brand heritage and focus on insurance, Confused.com perfectly complements Uswitch’s expertise in the home services category. And, with equally established offerings in other countries, we have an opportunity to help even more consumers find the right deals for their needs."
Elena Betés, CEO of Penguin Portals, said: “This is an excellent opportunity for both Penguin Portals and RVU. We share the same core purpose and passion – to empower people to make better decisions, so I know I speak for all of our Penguin family when I say how excited we are for the journey ahead.”
The transaction is subject to regulatory approvals and customary closing conditions.
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About RVU Formed in May 2018, RVU is the Comparison division of ZPG, which is jointly owned by US based Red Ventures, a global group of influential brands, digital platforms and strategic partners, as well as Silver Lake, GIC and PSP Investments.
RVU’s mission is to empower consumers by helping them compare home services and financial products, owning home services switching service Uswitch and financial comparison site Money.co.uk as well as a mix of additional brands. It currently has around 250 employees and is based in London.
About Red Ventures
Over the last twenty years, Red Ventures has built a portfolio of influential brands, digital platforms, and strategic partnerships that work together to connect millions of people with expert advice. Through premium content and personalised digital experiences, Red Ventures builds online journeys that make it easier for people to make important decisions about their homes, health, travel, finances, education and entertainment.
Founded in 2000, Red Ventures spans 5 continents and employs more than 3,500 people. Red Ventures owns and operates several large digital brands including CNET, Healthline Media, The Points Guy, Bankrate, Allconnect.com, and Lonely Planet.
About Penguin Portals
The comparison businesses owned by Admiral Group plc were aligned under Penguin Portals in 2019, forming the largest network of comparison platforms for financial service products in the world. It has launched and established operations across several countries, including the UK, Spain, France, Mexico and India.
The network of comparison platforms is made up of two holding groups – Penguin Portals Ltd and Preminen. A subsidiary of Admiral Group plc, Penguin Portals Group consists of comparison operations in the UK (Confused.com), Spain (Rastreator.com) and France (LeLynx.fr). Admiral Technologies, a specialised tech centre in India, also sits under the Penguin Portals Group umbrella and is charged with delivering a global architecture strategy to support the growing number of operations. Penguin Portals Group has a close relationship with Preminen – another subsidiary of Admiral Group plc and joint venture with MAPFRE –which incubates start-up comparison businesses as they grow. Expansion into new territories has accelerated in recent years with the opening of Rastreator.mx in Mexico, which sits under Preminen as a start-up platform.
About Admiral Group plc
Admiral Group was founded in the UK in 1993 and has grown to become one of the largest UK motor insurers, as well as having expanded to a global footprint with operations across eight countries. The Group employs over 11,000 staff (over 7,500 in south Wales) and serves more than 7.17 million customers worldwide (over 5 million in the UK). Admiral is Wales’ only FTSE 100 Company. Group turnover in 2019 was £3.46 billion (2018: £3.28 billion).