Detroit-based Rock Holdings, Inc. parent to several leading financial technology companies including Quicken Loans — the world’s leading online lender — announced the signing of an agreement to acquire Los Angeles-based LowerMyBills and ClassesUSA from their parent company Core Digital Media. These companies are two of the nation’s leading online marketing service providers.
“We are passionate about online technology, and its importance in the finance and education spaces,” says Graham Skidmore, vice president of Rock Holdings. “LowerMyBills and ClassesUSA play a meaningful role in helping consumers find the best online solutions for their goals. Through these acquisitions, and the planned capital investments, we are confident these businesses will continue to grow and meet the evolving needs of their customers.”
The current leadership of both companies will remain in place to run day-to-day operations from their Los Angeles headquarters, which will also remain open. The acquisitions mark the second and third FinTech businesses added to the Rock Holdings portfolio in the past two weeks. On December 27, 2016, InHouse Realty — a company that matches homebuyers with pre-screened real estate agents via a 50-state digital platform agreed to purchase the technology assets of Toronto-based OpenHouse Realty.
The terms of the LowerMyBills and ClassesUSA sales were not disclosed, but the sale is expected to close in the first half of 2017.