Selling Source LLC, a Las Vegas-based provider of data and consumer leads to financial service providers, has acquired the marketing unit of CompuCredit Corp. (Nasdaq: CCRT). No financial terms were disclosed for the deal, which will help Selling Source launch a consumer financial products group. Selling Source is a portfolio company of London Bay Capital.
Selling Source, LLC , a Nevada-based technology and data company that provides comprehensive technology, data and consumer leads to financial service providers, announced today that it is launching a new consumer financial products group following its acquisition of the marketing unit of CompuCredit Corp. (NASDAQ: CCRT).
Selling Source Chief Executive Officer Derek LaFavor said the new entity — Selling Source “Financial Products Group” — becomes the company’s provider of its industry-leading technology solutions for credit card companies and other financial product providers. In addition to industry-wide credit card lead generation, the group will also handle credit card lead generation in the United Kingdom.
Selling Source Financial Products Group will be located in Atlanta — home of CompuCredit, the specialty finance company that markets and services branded credit cards and provides related financial services. As part of this transaction, CompuCredit entered into a long-term agreement with the Financial Products Group to perform certain marketing services. John V. Hashman heads the newly acquired team as executive vice president of the group.
“CompuCredit is a great company, and this acquisition represents a tremendous opportunity for Selling Source to further diversify our financial services portfolio,” LaFavor said. “John is a recognized expert in Internet marketing and building online account origination strategies as well as e-service capabilities. He and his group are welcome additions to our company.”
Hashman was a member of the CompuCredit management team where he was responsible for marketing several of the company’s financial products.
Jon Colston also joins FPG as director of operations. Colston served as the director of risk management at CompuCredit, where he focused on leveraging technology to optimize business processes and improve the overall efficiency of the organization. Working within the financial services and technology industries, he has provided strategic planning and execution, program management and product designs that have assisted company growth from startups to multi-million dollar industry leaders.
Addition of the Financial Services Group rounds out Selling Source’s three specialty finance technology solution divisions that include its Consumer Acquisition Group, providing consumer marketing and lead generation, as well as its Lender Solutions Group, offering among other services end-to-end loan processing management with electronic document storage and retrieval.
About Selling Source, LLC
Selling Source, LLC, named number 68 on the 2008 Inc. 500 list, up from number 109 in 2007, offers specialty finance lenders an end-to-end solution to acquire, fund, underwrite and retain customers while increasing their overall lifetime value. Selling Source alone provides online lenders a single-source platform throughout the micro-loan life-cycle with turn-key consumer acquisition-and-communication services as well as lender, data, payment-processing and infrastructure solutions, including co-location and disaster-recovery hot sites. London Bay Capital, a private equity firm based in San Francisco, acquired a controlling interest in Selling Source in December 2007. For more information, please visit http://www.sellingsource.com/.