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ProSiebenSat.1 and Verivox expand commerce portfolio with cancellation service aboalarm

  • Verivox acquires all shares of founder-operated company aboalarm
  • aboalarm is the market leader in the cancellation of consumer contracts, with 80% share of the German market
  • Acquisition of aboalarm means high synergy and growth potential for Verivox and for the ProSiebenSat.1 commerce portfolio

Munich/Heidelberg, November 10, 2017. Verivox, a ProSiebenSat.1 majority asset, is acquiring a 100% stake in aboalarm, a cancellation service for consumer contracts in the internet, wireless communications, insurance, dating, and fitness segments, among others. The transaction is scheduled to close in early January. Company aboalarm, headquartered in Munich, is managed by founders Dr. Bernd Storm van’ Gravesande and Stefan Neubig. Since 2012, it has generated high double-digit percentage growth and is the current market leader in Germany with an 80% share. Verivox, an independent consumer portal for contracts in the energy, telecommunications, insurance and finance sectors, will add the “online cancellation” service to its portfolio with the acquisition. This will allow Verivox to offer its customers the full range of services to manage their online contracts from a single source. For the ProSiebenSat.1 Group, which holds a majority stake in Verivox, the acquisition and integration of aboalarm into Verivox will generate additional synergies in the TV segment. After the sale completion, Bernd Storm van’ Gravesande will continue to manage the business, and Stefan Neubig will serve as an advisor.

Claas van Delden, COO Ventures & Commerce ProSiebenSat.1: “Since its launch in 2008, aboalarm has successfully handled more than 5 million cancellations in Germany. It has shown consistently high and profitable growth, and it receives an above-average number of positive customer ratings. Thus, not only does aboalarm perfectly complement Verivox's services and products, but the acquisition also underscores our aim of expanding ProSiebenSat.1's digital investment portfolio in a strategic and growth-oriented manner.”

Chris Öhlund, CEO of Verivox Group: “At Verivox, the consumer is number one. aboalarm is the right partner to complement our existing services in a perfect way. Customers still have to cancel some products, such as vehicle insurance, themselves. Thanks to the cancellation service of aboalarm, we are continuing to focus on our customers’ wishes and needs.”

Dr. Bernd Storm van’s Gravesande, CEO and Co-Founder of aboalarm: “We are delighted to have Verivox as a strong strategic partner aside so that we can keep successfully expanding our consumer-friendly services. Together, we will work on increasing the brand awareness of aboalarm with the media power of ProSiebenSat.1 and tap into new business areas with solutions such as Finlytics.”

About ProSiebenSat.1
ProSiebenSat.1 Group is one of the most successful independent media companies in Europe with a strong presence in the TV and digital markets. Free TV financed by advertising is the core business of the Group. The station family comprising SAT.1, ProSieben, kabel eins, sixx, SAT.1 Gold, ProSieben MAXX, and kabel eins Doku is the Number 1 in the German audience and TV advertising markets. The Group has tapped into an additional attractive business area through the distribution of its television channels in HD quality. At the same time, the Group successfully networks the wide reach of its TV business with a strong digital unit. Already today, ProSiebenSat.1 is Germany’s leading video marketer on the Internet and with maxdome or Studio71 one of the most successful providers of digital entertainment. ProSiebenSat.1 has also built up a successful e-commerce business of digital platforms in recent years, which is now one of the Group’s most important growth drivers. This broadcasting, digital entertainment and commerce portfolio is supplemented by Red Arrow, an international production and distribution network. The headquarters of ProSiebenSat.1 are in Unterföhring near Munich. The entity was founded in October 2000 and today employs a workforce of around 6,000 people. The ProSiebenSat.1 share has been listed in the leading DAX index since March 2016.

About Verivox
The tariff experts at Verivox compare offers for consumer contracts and offer the full range of expertise from seven markets. At www.verivox.de, consumers can quickly and easily compare available tariffs for energy, telecommunications, insurance and finance, along with offers for vehicles, travel and real estate, and switch instantly to the best provider for them. The service also includes free consultations by phone and e-mail, along with abundant background information that has already saved consumers EUR 1.6 billion. The Verivox experts have been monitoring the markets for many years; they define rules for consumer protection and ensure compliance with them. Verivox GmbH was founded in Heidelberg in 1998. Today, the Verivox Group employs some 400 people in total at its Heidelberg, Augsburg, Berlin, Bonn, Düsseldorf, Leipzig and Linden, Zurich and Lucerne locations to help customers compare tariffs and offers in the most convenient manner possible. Verivox is known for its outstanding service, many years of expertise and the best tariffs. Since it was founded, Verivox has professionally advised many millions of readers and helped more than 8 million consumers change providers.

 

About aboalarm

aboalarm (www.aboalarm.de) allows consumers to cancel, revoke and manage their contracts with over 20.000 providers, working across utilities like mobile phones, Internet or car insurance quickly, easily and legally. It provides a cancellation guarantee for the majority of terminations, which covers, for example, legal costs in the event of a provider dispute. The bank account-based aboalarm service contract check gives consumers the opportunity to obtain a quick and complete overview of all current consumer contracts.

The company was founded in 2008 by Dr. Bernd Storm van's Gravesande and Stefan Neubig. Since then, aboalarm has sent out more than 5 million successful cancellations of contracts. More than 15 million full termination letters have also been used and downloaded by users.

aboalarm also sends cancellations conveniently with the award-winning aboalarm app for Android, iPhone and iPad, which has over a million downloads.

aboalarm is a B2C service of Aboalarm GmbH, which also counts B2B software Finlytics among its ranks, helping banks and insurers analyse transaction data in contract management.

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