Shares in XLMedia surged 5.3% to 97.94p in early deals on news of the acquisition, which will cost the British firm US$9.3mln in cash.
The acquisition is expected to complete during the first quarter of 2017 and is expected to be earnings enhancing following completion.
XLMedia said the acquisition would significantly enhance its presence in North America.
"We are delighted to announce the acquisition of Greedyrates, our first significant publishing asset in the financial services sector. As a leading credit card comparison site Greedyrates is a household name in Canada and, with its existing footprint and brand recognition, it represents an excellent opportunity for XLMedia to increase its North American presence and establish a foothold in the financial services market,” said Ory Weihs, chief executive officer of XLMedia.
XLMedia added it continues to trade in line with expectations.