Moneysupermarket invests in CYTI
Moneysupermarket has acquired a 28% stake in CYTI Limited , its longstanding B2B travel and life insurance comparison partner. The deal will allow CYTI to work more closely with Moneysupermarket on new products and innovations.
Established in 2010, CYTI is a Belfast-based company that develops travel and life insurance comparison applications. Its portfolio includes MoneySupermarket.com, Medical Travel Compared and Travel Supermarket.
“CYTI provides travel and life insurance comparison for MoneySuperMarket and TravelSupermarket and we are excited to be welcoming the group as a shareholder. We look forward to working on new initiatives to broaden our life and travel insurance offerings and to continue our joint efforts to deliver a better deal for UK consumers.” – Chair of CYTI, David Corney.
“As part of our reinvent strategy we are making this investment to secure and grow our core business. We have worked with CYTI for seven years and it is a business we admire, with deep knowledge of and a great reputation in the travel and life insurance sectors.” – Moneysupermarket Group CEO Mark Lewis.
P.S. In July, Moneysupermarket reported its Interim Results in which it stated that the “insurance premium cycle remains subdued” with a “weak travel market.”