MediaAlpha, Inc.

MediaAlpha, Inc. (NASDAQ: LMD) operates a leading technology platform for insurance customer acquisition and digital distribution. The company's website is www.mediaalpha.com.

MediaAlpha has built a two-sided marketplace that connects insurance carriers, agents, and distributors with high-intent consumers shopping for insurance products. The platform facilitates transparent, real-time transactions across property and casualty insurance, health insurance, and life insurance verticals. The company generates revenue by earning fees for each consumer referral sold on its platform, with transactions becoming payable upon qualifying consumer actions such as clicks, calls, or leads.

The platform serves over 700 demand partners (insurance carriers and distributors seeking to acquire customers) and over 350 supply partners (primarily insurance carriers monetizing non-converting consumers and insurance-focused websites). During 2025, approximately 141 million consumer referrals were transacted on the platform. Notably, 16 of the top 20 largest U.S. auto insurance carriers by customer acquisition spend are demand partners on MediaAlpha's platform.

The company operates through two transaction models. In its Open Marketplace, MediaAlpha maintains separate agreements with buyers and sellers and controls consumer referral distribution. In its Private Marketplace, demand and supply partners contract directly while leveraging MediaAlpha's platform for transparent, real-time transactions.

MediaAlpha's technology platform incorporates proprietary predictive analytics algorithms analyzing hundreds of variables to generate conversion probabilities for each consumer. This enables demand partners to target consumers across over 35 separate attributes and align customer acquisition costs with expected customer lifetime value. As of December 31, 2025, 106 demand partners maintained deep data integrations representing 90 percent of transaction value from insurance verticals.

The company operates with a highly scalable, capital-efficient business model. In 2025, MediaAlpha employed an average of 147 individuals who drove $2.2 billion in transaction value and generated $1.1 billion in revenue. The platform's architecture is vertical-agnostic, enabling potential expansion into adjacent markets with similar characteristics. The company has funded growth primarily through internally generated cash flow with minimal capital expenditure requirements.