XLMedia acquires US-based personal finance site

AIM-listed digital performance marketing business XLMedia has acquired US personal finance website InvestorJunkie.com for a total cash consideration of $5.8m.

XL believes its acquisition of InvestorJunkie, a website focused on providing information and reviews of various investment channels and financial products, will both broaden its North American footprint and strengthen its personal finance sector reach, one of the group's key growth verticals.

The acquisition, expected to complete in the second half of 2018, will see InvestorJunkie integrated into XLMedia's propriety Palcon infrastructure, which will enable the group to improve day-to-day performance of the site.

Ory Weihs, chief executive officer of XLMedia, said, "The US personal finance market is a key growth market for our business, and this latest acquisition reaffirms our commitment to further diversify our revenue base."

"We are continuing to build a strong foothold in the North American market and look forward to accelerating our growth strategy to further leverage both our skillset and technology platform in what is a relatively nascent sector," added Weihs.

As of 0915 BST, XL shares had gained 2.66% to 104.20p.