2004 Deal of the Year - Public Company

LendingTree, Inc.

Description

Founded in 1996, LendingTree is an online exchange that connects consumers, lenders, realtors, and related service providers. LendingTree has facilitated nearly $81.5 billion in closed loan and real estate transactions since its inception, serving more than 12.8 million consumers. Loans available via the LendingTree Exchange include home mortgage, home equity, automobile, personal, debt consolidation, and credit cards.

Reasons for winning the award

Recognized as the leader in the online lending and realty services markets, LendingTree was acquired by IAC/InterActiveCorp in summer of 2003 for an estimated $725 million. Under IAC, LendingTree has made a number of strategic acquisitions, adding nationally recognized product names like GetSmart, RealEstate.com, and Domania in 2003 and 2004.

Quote

“It's a great honor to for LendingTree and InterActiveCorp to be recognized and receive the Council for Entrepreneurial Development's 2004 Deal of the Year Award. Joining all of the great exchange-model businesses under the IAC umbrella who have already been recognized as leaders in their own industries -- Expedia.com, Hotels.com, Hotwire.com, and Match.com to name a few -- is obviously a great thrill for LendingTree and we are ecstatic with the opportunity that this acquisition has afforded us, our lending, real estate, and strategic partners and the consumers we reach every day.” -- Keith Hall, Senior Vice President and CFO, LendingTree

History

In 1996, Doug Lebda was working as a CPA for PriceWaterhouseCoopers and attending the Darden School of Business. Lebda and his wife wanted to buy a small townhouse at the time, but they soon found that the traditional way of getting a mortgage was time-consuming, frustrating, and a hassle. Lebda decided to simplify the process. He created a plan to "turn the tables" in favor of consumers by having banks compete for their business. By harnessing the power of the Internet, consumers could complete one simple online form that would be seen by multiple lenders. The lenders, knowing they were competing for business, would then provide offer their most competitive deals. The Web site would be a destination that empowered consumers by providing them with choice, convenience and value, while at the same time offering lenders the ability to target consumers who fit their specific criteria -- a winning solution for both sides. LendingTree, Inc. was launched in 1998 and has been growing ever since. Since its inception, LendingTree has grown into a nationally recognized brand name and its mantra, "When Banks Compete, You Win," continues to resonate with consumers. Over the last three years, LendingTree's Total Brand Awareness has grown to 73% nationwide.

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