LendingTree Inc. has agreed to buy Domania Inc., a Boston customer acquisition and retention firm, from Primedia Inc., American Banker has learned. Neither side would say how much LendingTree is paying.
Steve Kropper, a co-founder and the vice president of strategy at Domania, said the deal is expected to close in the next 60 to 90 days.
Eric Cunliffe, a senior vice president and the general manager of realty services at LendingTree, said the Domania purchase would let his company serve its lender clients and consumers better. LendingTree already helps some of the lenders in its network retain borrowers in their servicing portfolios, he said.
Domania was founded as INPHO Inc. in 1989. Primedia bought it in November 2002. Its offerings include help for lenders in identifying servicing customers who are likely to buy new homes. One way the firm does that is by mailing data on local home prices to customers with a note that they can learn more on Domania’s Web site or private-label sites set up for lending clients.
About 600,000 users a month visit Domania’s site, and “well more than that” use the other sites, Mr. Kropper said.
Domania’s clients include the mortgage units of J. P. Morgan Chase & Co., Citigroup Inc., and Charter One Financial Inc.
On Dec. 23, LendingTree, a Charlotte unit of Barry Diller’s InterActiveCorp., said it had purchased the brand, Web address, and other assets of another Primedia property, RealEstate.com. The Web site is already directing consumers looking for agents to LendingTree’s network.
