XO Group Inc. the head consumer internet and media company committed to assisting individuals with exploring and make the most of life’s wonderful moments together, reported today the accompanying:
The acquisition of GigMasters, a leading transactional marketplace for diversion
A strategic partnership with Jetaport, a transactional marketplace giving discounted hotel room blocks. These actions expand upon the company’s force substance driven marketplace, and will assist couples with booking a greater amount of the services they have to plan the ideal wedding.
“We are eager to welcome these awesome teams and impressive experts to the XO family,” said CEO of XO Group, Mike Steib. “GigMasters’ and Jetaport’s broad shipper reach and transactional capabilities will further improve the wedding marketplace on The Knot, and assist us with accomplishing our mission to inspire, plan and book each wedding in America.”
Recently, The Knot dispatched a new, portable first website to convey a personalized ordeal to draw in, match and associate couples to more than 250,000 local wedding professionals across 30 categories. With the acquisition of GigMasters, XO Group will grow its wedding marketplace by making it possible for couples.
GigMasters has booked 250,000 events arround the US, and was highlighted in the 2014 Inc. 500|5000 list of the fastest-developing private companies in the country. The company and its employees will stay in its Connecticut offices.
“We’re eager to join XO Group and we are both profoundly dedicated to assisting individuals with praising life’s wonderful moments,” said CEO of GigMasters, Mike Caldwell. “The Knot will extend the compass of our services, assisting more with couplesing book the ideal occasion professional, while conveying all the more profoundly qualified business to our local merchants.”
With the Jetaport strategic mix, couples on The Knot can save significant time researching and booking hotel room blocks, furthermore save their guests a normal of 15 percent on hotel rooms at more than 200,000 hotels.
The Details of Acquisition and Investment
The aggregate acquisition price for GigMasters is $8.5 million in cash for complete ownership of the company. Before the acquisition, XO claimed roughly 28 percent of GigMasters. The acquisition closed on October 1, 2015, and the purchase price will be recorded in XO Group’s final quarter 2015 financial results. Additional details will be given amid the company’s second from last quarter 2015 earnings phone call.
For a minority equity acquisition of Jetaport, Company XO Group contributed dollar 1.5 million in cash on few days ago.