Melbourne, Australia - iSelect Ltd (‘iSelect’) today announced that US-based growth equity firm Spectrum Equity Investors (“Spectrum”) has acquired a minority $30.2 million stake in the company.

Commenting on the announcement, iSelect founder and Group Chief Executive Officer, Mr Damien Waller, welcomed the company`s latest shareholder, saying Spectrum’s investment is their first in an Australian company and comes after ten years in which iSelect has established itself as the market leader in comparison by helping consumers simplify the purchase of complex products.

Spectrum is a leading global growth equity firm with significant experience supporting the growth of online businesses. The firm’s investments include a number of leading global Internet companies such as Ancestry.com, NetQuote, SurveyMonkey and Demand Media. Spectrum manages $4.7 billion in capital across six funds.

"Spectrum’s decision to invest in iSelect reflects their view of our performance, growth and future potential, and confidence in our management team to continue to create value and deliver against our strategic goals.

“They bring extensive knowledge and experience in supporting the continued success of high growth online companies, particularly with NetQuote, the most visited insurance site on the web, which is important for iSelect as we launch into new businesses such as comparison services for home loans, broadband, utilities and financial services,” said Mr Waller.

Spectrum has already enjoyed success in Australia with the strong performance of the local businesses of Ancestry.com and SurveyMonkey.

“The companies in which we invest are leaders in their industries, have well-established business models, are run by experienced management teams, and have significant opportunities for future growth,” said Mr. Victor E. Parker, Managing Director of Spectrum Equity Investors.

"iSelect is the clear market leader, has over ten years experience and is uniquely positioned with consumers and its product providers.

“We are excited about the company’s future and potential to grow market share in existing and new businesses as it leverages its strong brand and continues to offer providers an efficient and cost-effective customer acquisition channel,” said Mr Parker.

E.L.&C.Baillieu Stockbroking conducted the share offer on behalf of Spectrum.

About iSelect

iSelect is the leading provider of comparison and choice for Australian consumers in the market for household products and services. We bring competing products with complex features together in one location in a way that makes it easier for consumers to compare, select and save®. iSelect is at the forefront of a fundamental change in the way consumers buy products and services. Consumers use the iSelect service to save time and get a product that better suits their needs. As an organisation, our shared commitment to simplifying the purchase of complex household products has been the cornerstone of our success since our launch in 2000. We focus on people, our partner providers, clients and staff, as we continue to grow and evolve into Australia’s home of comparison and choice.

iSelect’s partner providers include some of Australia’s largest companies, across insurance, telecommunications and banking.