Company History
uSwitch.com was the brainchild of Lord Milford Haven. It was set up in September 2000 with an initial £4 million investment to take advantage of the UK’s deregulated gas and electricity markets. The company subsequently expanded into the telephony and communications markets in 2001. In the same year it also bought competitor buy.co.uk followed by local community information website UpMyStreet.com in 2003.
uSwitch.com was itself acquired by US media conglomerate, E.W. Scripps Company in March 2006 for £210 million ($366 million). The purchase added a second freestanding interactive media business to its portfolio alongside leading US product price comparison site, Shopzilla.
In February 2008, E.W. Scripps Company recorded a $411 million pre-tax charge related to the uSwitch acquisition, contributing to an overall $256 million loss for Scripps in the last quarter of 2007. The scale of the writedown reflects more realistic revenue expectations due to lower than expected levels of switching.
In December 2009, uSwitch was acquired by Forward Internet Group for $10.3 million in cash. Forward is a privately funded collection of internet-based businesses focused on consumer engagement and innovation. Forward3D is the group's 3D search agency (formerly known as TrafficBroker) and Forward Innovations is the consumer division which focuses on price comparison and switching, including brands such as InvisibleHand and Omio.
In June 2011, uSwitch acquired the UK's most popular broadband and mobile phone comparison business previously known as Top10.com. Top10's broadband and mobile web content, deal comparison tools and speed tests were incorporated into uSwitch.com in July 2011. Top10.com was subsequently relaunched as a separate business by Top10's founders (Alex Buttle, Tom Leathes, Harry Jones and Andy Cartland) as 'The Top10 of Everything, Created by Everyone'.
Read more about this topic: USwitch
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