Moneysupermarket has acquired a 28% stake in CYTI Holdings Limited, it’s longstanding business to business travel and life insurance comparison partner.
The deal cements the partnership and will allow CYTI to work more closely with Moneysupermarket on new products and innovations. Completion of the acquisition is subject to regulatory approval.
David Corney, Chair of CYTI, said:
“CYTI provides travel and life insurance comparison for MoneySuperMarket and TravelSupermarket and we are excited to be welcoming the group as a shareholder. We look forward to working on new initiatives to broaden our life and travel insurance offerings and to continue our joint efforts to deliver a better deal for UK consumers.”
Mark Lewis, CEO of Moneysupermarket Group, added:
“As part of our reinvent strategy we are making this investment to secure and grow our core business. We have worked with CYTI for seven years and it is a business we admire, with deep knowledge of and a great reputation in the travel and life insurance sectors.”