The Loan Page has been acquired by Battery Ventures, a venture capital firm focused on investing in growing technology companies. Battery invested approximately $10 million to purchase the company and invest in its working capital.
As part of the acquisition, Stein Kretsinger, formerly a founding executive of Advertising.com, has been named CEO of the company, and Mark Sherman, general partner of Battery Ventures, has joined the company's board of directors as chairman. In addition, the company has relocated its headquarters to San Francisco from Baltimore.
"We look forward to leveraging the resources that Battery brings to the table with this partnership to build a dominant company in this industry," said Kretsinger.
"The Loan Page is well positioned at the center of a number of key trends in the online mortgage industrythe shift from offline to online marketing, the rise of Internet lead intermediaries, and mortgage banks and brokers seeking to take advantage of these industry changes," said Sherman. "We are very excited about our partnership with The Loan Page and look forward to working with the new management team to take the company to the next level."
The Loan Page, based in San Francisco, is an Internet mortgage lead generation firm. With offices in Wellesley, Mass. and San Mateo, Calif., Battery Ventures is a venture capital firm.