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Selling Source, LLC Acquires LeadRev, Inc
by Press Release
LAS VEGAS, June 9, 2008 - Selling Source, LLC, the leading provider of technology and marketing solutions to the specialty finance sector, announced today it has acquired LeadRev, Inc., one of the largest and fastest growing lead generation and distribution firms in the micro-loan, auto finance and list management sectors.
LeadRev is the parent company of 19 Communications and iDesktopMedia. LeadRev provides online leads and customer acquisition services to lenders, credit card issuers, automobile dealerships and insurance agencies. It has a particular focus on underserved and hard-to-reach customers in the specialty finance marketplace. LeadRev delivers more than 250,000 customer leads a month, and it has experienced dramatic growth since the creation of its predecessor business 19 Communications in 2003.
Selling Source is the largest U.S. provider of technology and marketing solutions to the specialty finance sector. Following the LeadRev acquisition, Selling Source will provide its specialized technology and services to customers in the following sectors: online micro-loans; online automobile sales and finance; credit cards and prepaid debit cards; insurance; and other related product categories. In 2008, after giving effect to the LeadRev transaction, Selling Source is expected to generate pro forma combined revenues of approximately $175 million and EBITDA in excess of $40 million, representing an EBITDA growth rate of 35 percent over 2007. Selling Source was acquired in December, 2007 by an affiliate of London Bay Capital, a private equity firm based in San Francisco.
Selling Source Chief Executive Officer Derek LaFavor said, "LeadRev is a perfect fit for us. Both of our companies are well known for technological innovation, marketing creativity and extremely high levels of customer service. Following this transaction, our ability to generate large volumes of the highest quality leads - which yield the greatest returns for both customers and publishers - will be unmatched in the industry. Bringing together two companies of this size with so many complementary strengths is a first for this industry, and we believe the combined business will be very well received by our customers."
"Speaking on behalf of our stockholders and employees, we could not be more excited about joining Selling Source and London Bay Capital," LeadRev CEO Keith English said. "With the market reach, technology, infrastructure and expertise Selling Source offers, combined with the business building support of London Bay Capital, we are confident this transaction will provide very significant benefits to our customers and our industry trading partners as well as provide us with the resources to continue to grow our business at a rapid pace."
Selling Source provides technology products and services that span the life cycle of the relationship between online consumers and online financial service providers. Its comprehensive online marketing programs, which are coupled with integrated data services and software products, support its customers' acquisition, credit decisioning and underwriting, loan processing and servicing, collections and customer retention programs. These systems together with Selling Source's fraud-prevention technologies, real-time consumer communication services, customer support call centers and secure data centers give customers unparalleled service. In addition, through DataX, its London Bay Capital partner-company, Selling Source can provide its customers with an FCRA-compliant credit reporting service, one of the first of its kind in the specialty finance sector.
LeadRev is headquartered in Gulf Breeze, Fla. and has offices in New York and Texas. The company was founded as 19 Communications in 2003 by CEO Keith English and merged with iDesktopMedia in March, 2007 to form LeadRev.
About Selling Source, LLC
Selling Source, LLC, named number 109 on the 2007 Inc. 500 list, develops technology and marketing solutions for the specialty finance industry. Its affiliated companies offer turnkey lender solutions, data solutions, consumer communication services, prepaid and stored-value marketing solutions, consumer acquisition services, payment processing and infrastructure solutions including co-location and disaster recovery hot sites. For more information, please visit http://www.sellingsource.com/.
About LeadRev, Inc.
Serving lenders, credit-card issuers, insurers, auto dealerships and other businesses, LeadRev generates and delivers more than 250,000 online leads a month to the underserved specialty finance consumer base. With headquarters in Gulf Breeze, Fla., LeadRev, Inc. was formed in March, 2007 with the merger of 19 Communications and iDesktopMedia. For more information please e-mail sales@leadrev.com.
About London Bay Capital
London Bay Capital LLC is a private equity firm based in San Francisco. It focuses on management buyouts of middle-market growth businesses in the U.S. and Europe. It invests its partners' capital as well as funds it manages on behalf of one of the world's largest family offices.
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