Gabriella Ben-Hutta
Editor at Coverager
Clearlink SYKES The Penny Hoarder

SYKES acquires The Penny Hoarder for $102.5M

Tampa-based customer engagement services provider SYKES has acquired personal finance digital media company The Penny Hoarder through its digital marketing subsidiary Clearlink . The deal is valued at $102.5 million.

The Penny Hoarder, founded in 2010 and a team of ~50, generated approximately $50 million of revenue on a trailing twelve-month basis ended September 30, 2020, and when it comes to insurance – it’s a source of traffic for companies such as Lemonade and Policygenius.

Last year, the company “had to make difficult decisions” which resulted in layoffs.

“Through our Clearlink Digital Media group, we are focused on building a portfolio of digital media assets that help consumers find, buy and use products and services that improve their everyday lives. TPH advances this initiative by expanding our portfolio into the very large market of personal finance. The insights, knowledge and expertise that we gain through the TPH transaction will not only enable us to help consumers make informed decisions about financial products and services, it will also help us strengthen the brand and growth of financial services clients all over the world.” – Sykes Enterprises, Incorporated’s President and CEO Chuck Sykes.

“This acquisition marks a significant milestone and validation of hard work from The Penny Hoarder team. We’re excited to have found a partner in SYKES who believes in our mission of helping consumers make better financial decisions. The financial services industry is changing rapidly and consumers need an ally in navigating this new economy more than ever. Our partnership will give us a leg up in meeting these challenges while providing more opportunities for our employees and advertisers. We couldn’t be more thrilled to join the team.” – Kyle Taylor, founder and CEO of The Penny Hoarder.

SYKES anticipates the transaction, which is expected to close before year-end 2020, to be accretive to 2021 diluted earnings per share and plans to quantify the accretion levels when it releases its fourth quarter 2020 financial results in February 2021.

“We are thrilled to welcome The Penny Hoarder team into the SYKES family. With such strong alignment in both our culture and mission, I’m excited to see what we will achieve together.” – Ted Roxbury, President of Clearlink.