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XO Group Acquires GigMasters; Invests in Jetaport As Company Continues to Expand Its Leading Wedding Marketplace
Couples to Book Local Wedding Professionals and Discounted Hotel Room Blocks across the US
NEW YORK, Oct. 2, 2015 /PRNewswire/ -- XO Group Inc. (NYSE: XOXO), the premier consumer internet and media company dedicated to helping people navigate and enjoy life's biggest moments together, announced today the following:
These actions build upon the momentum of the company's content-driven marketplace, and will help couples book more of the services they need to plan the perfect wedding.
"We are excited to welcome these terrific teams and impressive leaders to the XO family," said Mike Steib, CEO of XO Group. "GigMasters's and Jetaport's broad merchant reach and transactional capabilities will further enhance the wedding marketplace on The Knot, and help us achieve our mission to inspire, plan and book every wedding in America."
Earlier this year, The Knot launched a new, mobile-first website to deliver a personalized experience to engage, match and connect couples to more than 250,000 local wedding professionals across 30 categories. With the GigMasters acquisition, XO Group will expand its wedding marketplace, making it possible for couples to transact with tens of thousands of wedding bands, DJs, photographers and more.
GigMasters has booked more than 250,000 events across the US, and was featured in the 2014 Inc. 500|5000 list of the fastest-growing private companies in the nation. The company and its employees will remain in its Connecticut offices.
"We're excited to join XO Group—we are both deeply committed to helping people celebrate life's biggest moments," said Mike Caldwell, CEO of GigMasters. "The Knot will expand the reach of our services, helping more couples book the perfect event professional, while bringing more highly qualified business to our local merchants."
With the Jetaport strategic integration, couples on The Knot can save significant time researching and booking hotel room blocks, and also save their guests an average of 15 percent on hotel rooms at more than 200,000 hotels.
"The investment and operational integration with The Knot further positions Jetaport to be the leading booking engine for group hotel stays," said Jason Shames, founder and CEO of Jetaport.
Acquisition and Investment Details
The total acquisition price for GigMasters is $8.5 million in cash for complete ownership of the company. Prior to the acquisition, XO owned approximately 28 percent of GigMasters. The acquisition closed on October 1, 2015, and the purchase price will be recorded in XO Group's fourth quarter 2015 financial results. Additional details will be provided during the company's third quarter 2015 earnings conference call.
For a minority equity ownership of Jetaport, XO Group contributed $1.5 million in cash on July 2, 2015.
About XO Group Inc.
Our mission is to help people navigate and enjoy life's biggest moments, together. Our family of multi-platform brands guide people through transformative lifestages, from getting married to moving in together and having a baby. Our brands include The Knot, the number one wedding planning resource, The Bump, a leading pregnancy and parenting brand, and The Nest, the hip guide to all things home for new couples. The Company is publicly listed on the New York Stock Exchange (NYSE: XOXO) and is headquartered in New York City.
Forward Looking Statements
This release may contain projections or other forward-looking statements regarding future events or our future financial performance. These statements are only predictions and reflect our current beliefs and expectations. Actual events or results may differ materially from those contained in the projections or forward-looking statements. It is routine for internal projections and expectations to change, and therefore it should be clearly understood that the internal projections and beliefs upon which we base our expectations may change. Although these expectations may change, we will not necessarily inform you if they do or update this release. Please refer to documents we file from time to time with the Securities and Exchange Commission for a discussion of the risks and other factors that could cause actual results to differ materially from the forward-looking statements contained herein. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
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