DETROIT, Jan. 6, 2017 /PRNewswire/ -- Detroit-based Rock Holdings, Inc., parent to several leading FinTech companies, including Quicken Loans – the world's largest online lender, today announced it has signed an agreement to acquire Los Angeles-based LowerMyBills and ClassesUSA from their parent, 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," said 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 LowerMyBills and ClassesUSA will remain with the companies and run the day-to-day operations from their Los Angeles headquarters which will also remain open.
"This is an exciting new chapter for LowerMyBills and ClassesUSA. We look forward to an exciting future for both our clients and team members," said Steve Krenzer, Chief Executive Officer of Core Digital Media. "Rock Holdings will bring fresh capital, enthusiasm and a vast amount of technology and online experience that will allow us to grow to new heights."
These acquisitions mark the second and third acquisitions of FinTech businesses in the last two weeks for the Rock Holdings portfolio. On December 27, 2016, In-House Realty, a company utilizing a digital 50-state platform to match homebuyers and sellers with our network of high-quality, pre-screened real estate agents, announced it had agreed to purchase the technology assets of Toronto-based OpenHouse Realty.
The terms of the LowerMyBills and ClassesUSA acquisition were not disclosed. The sale is expected to close in the first half of 2017.
About Rock Holdings Inc.
Rock Holdings Inc. is the parent company of several FinTech businesses. These companies include Quicken Loans, the world's largest online lender and its web-based One Reverse Mortgage unit; Title Source, a centralized 50-state provider of title insurance and settlement services; Quicken Loans Mortgage Services (QLMS), a tech-enabled mortgage origination platform servicing community banks and credit unions across the country; In-House Realty, a digital platform matching clients with high-quality pre-screened real estate agents nationwide; RocketLoans, the fastest online personal loan platform in America; Rock Connections, a national strategic marketing company specializing in outbound and inbound client service for numerous online, technology and other businesses. Rock Holdings Inc. employs more than 16,000 team members and is headquartered in Detroit.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/rock-holdings-signs-agreement-to-acquire-lowermybills-and-classesusa-enters-lead-acquisition-space-300386734.html
SOURCE Rock Holdings Inc.