Online auction site Trade Me has sold its LifeDirect business which it bought in 2013.
The insurance features and pricing comparison site has been bought by Mark Solomon and transfer of ownership will occur on 1 April.
TradeMe CEO Anders Skoe (pictured) says LifeDirect is a great business with lots of potential but it didn’t fit with Trade Me’s priorities.
“We don’t think TradeMe is the best long term owner for LifeDirect, it’s a profitable business with great growth potential but we only have so many resources and we can’t prioritise LifeDirect over the many other opportunities we have.”
Solomon says: “We are delighted to be re-engaging with LifeDirect, supporting its journey to drive great customer outcomes for all New Zealanders.”
Trade Me and Solomon are now working through plans for a smooth transition.
The sale price is confidential.