Market Overview

XO Group Acquires GigMasters; Invests in Jetaport As Company Continues to Expand Its Leading Wedding Marketplace

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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:

The acquisition of GigMasters, a leading transactional marketplace for entertainment
A strategic partnership with Jetaport, a transactional marketplace providing discounted hotel room blocks

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.

Posted-In: News Press Releases

 

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