Moneysupermarket has acquired a 28% stake in CYTI Holdings – a B2B travel and life insurance comparison operation.
The two companies have been longterm partners and they say the deal will allow them to work more closely together.
“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,” explained Mark Lewis, CEO of Moneysupermarket Group.
The move is subject to regulatory approval.
“CYTI provides travel and life insurance comparison for MoneySuperMarket, MoneySavingExpert and TravelSupermarket and we are excited to be welcoming the group as a shareholder,” added David Corney, Chair of CYTI.
“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.”
