South African-based price comparison site, Click n Compare has announced the acquisition of Insured.ng, a free and impartial online comparison service that helps customers make choices on insurance products and services. This comes as Click n Compare prepares to expand its services into Nigeria and Kenya, going head-to-head with PriceCheck and PricePadi in Nigeria and JijiniMarkets, InsureAfrika and PesaCon in Kenya.
As a result of the acquisition, Spark Managing Partner, Bastian Gotter and Leonard Stiegeler of Ringier West Africa will be joining Click and Compare Nigeria’s advisory board. The terms of the deal are still very sketchy at the moment.
Click n Compare, which is backed by Silver Tree Capital, a business builder and seed investor for the African market, primarily provides affordable product options to its customers for Mobile, Broadband, Banking, Insurance and Travel.
On their part, Insured.Ng (though relatively unknown) is desdribed as "a free, impartial online comparison service that helps users to compare prices on a range of insurance products and services". The whole idea is ostensibly to help insurance buyers save money by maximising the use of their comparison tool as we have direct contacts with insurance companies. Taking advantage of the best prices and services on offer from insurance companies, its supposed to aid in making the best decision that best suits customers.
Already, Click n Compare has been in this area for quite a while in its operational base in South Africa where it claims to operate "fantastic comparative insurance quotes". The company's online insurance quotes are comprehensive in detail and each quote is specific to personal circumstances.
In a classic example of how venture capital outfits promote and eventually grows start-ups, Insured.Ng (brain child of the Spark.Ng start-up promoters) has now become a beautiful bride in the eyes of the Silver Tree Capital-backed Click N Compare.
As far back as 2012, the same Silvertree Capital, a South African-based company builder and venture capital investor focused on the African market had announced it made an undisclosed investment into two of Nigeria’s leading e-commerce sites, Sunglasses.com.ng and Glamour.com.ng. Though mucgh has not been heard about both ventures, but Silvertree Capital had still kept faith with the booming tech market in Nigeria, albeit in the start-up area.
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