LendingTree Inc. has agreed to acquire Ovation Credit Services Inc.
Ovation utilizes a proprietary software application that facilitates the credit repair process. It is integrated directly with certain credit bureaus and educates consumers on credit improvement.
LendingTree will acquire the shares of the credit services provider for a total consideration of approximately $20.8 million, consisting of $12 million in cash at closing, and contingent consideration payments of up to $8.8 million.
The transaction is subject to regulatory approvals and other closing conditions, and is expected to close in the second quarter.