Trade Me announces sale of LifeDirect
Trade Me has announced that it has sold its LifeDirect business which it bought in 2013. LifeDirect has been bought by Mark Solomon, transfer of ownership will occur on 1 April.
Trade Me CEO Anders Skoe said LifeDirect was a great business with lots of potential but it didn’t fit with Trade Me’s priorities. “We don’t think Trade Me 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.
“We see Mark as a great fit for this business and we’re sure they’ll unleash the potential it has. As a former owner, Mark and his team are very familiar with LifeDirect so they know the business and the industry very well. It feels like a very natural fit for it to return to them.”
Mr Solomon said, “We are delighted to be re-engaging with LifeDirect, supporting its journey to drive great customer outcomes for all New Zealanders.”
Mr Skoe said Trade Me and Mark are now working through plans for a smooth transition. “Mark has indicated that he wants to keep the expertise of the LifeDirect team as they look to take the business forward. We’re working through this with him now.”
The sale price is confidential.