CHARLOTTE, N.C., Jan. 9, 2019 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE) announced today that it acquired certain assets of Dubond Infotech Services, LLP through a subsidiary after exercising its previously disclosed purchase option acquired in connection with its MagnifyMoney acquisition in June 2017. The Dubond transaction was completed on December 31, 2018 for total consideration of $499,000. Dubond provides analytics, web development and other support services, and is located in India.
As part of this acquisition, the Company granted an award under its 2017 Inducement Grant Plan to Niral Patel as a material inducement to Mr. Patel entering into employment with a foreign subsidiary of the Company. The award was for 19,234 restricted stock units. The award will vest, if at all, on the basis of performance conditions related to the performance of the foreign subsidiary. The award also provides for accelerated vesting upon certain events. The award was approved in accordance with NASDAQ Listing Rule 5635(c)(4), which requires a public announcement of the award.
About LendingTree, Inc.
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support.
LendingTree, Inc. is headquartered in Charlotte, NC. For more information, please visit www.lendingtree.com.
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SOURCE LendingTree, Inc.