Australian Securities Exchange-listed iSelect has boosted its stake in Malaysia-based financial comparison service iMoney, giving it majority ownership of the company.
In a disclosure to the ASX, the company said it hiked its iMoney stake to 51.5 percent from 23.8 percent by buying US$4.15 million worth of shares from other shareholders.
The purchase price equates to a value of “5.9 times iMoney’s FY17 revenue,” it said.
iSelect was the lone investor in iMoney’s US$4 million series B funding round in September 2014. iMoney’s earlier investors include Asia Venture Group, IMJ Investment Partners, 500 Startups, and Jungle Ventures, among others.
iMoney, headquartered in Kuala Lumpur, serves as one of Southeast Asia’s largest comparison portals with operations in Malaysia, Singapore, Indonesia, and the Philippines.
iMoney compares credit cards, loans, broadband, and insurance products on its website and provides telephone-based advice to consumers.