Beatthatquote sold for £37.7m
Founder completes second successful sale
Price comparison site Beatthatquote.com has been bought by Google for £37.7m.
The website was founded by John Paleomylites in 2005, after he sold his first business, internet transaction security company JCP, to Sun Microsystems for £40m in 2000.
Most of his founding team, all of whom were given share options were drawn largely from JCP and the ex-company of his sales director.
On the company’s website, Paleomylites posted:
BeatThatQuote.com was sold to Google for GBP37.7 million. We think this deal is a tremendous opportunity for our company to develop new and innovative options for personal finance in the UK.
Our team is excited about becoming a part of Google. We look forward to working with their engineers to create new tools making it easier for consumers to choose the right financial products. We think we can offer more transparency and better pricing information than existing online offerings.
Beatthatquote was the UK’s fastest growing website in 2007 and in its second year was set to announce profits of £3m from a turnover of £10m.
@ Crimson Business Ltd. 2011