Bankrate To Acquire Three Websites for $4.4 million

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00014607-bankrate-to-acquire-three-websites-for-44/

Bankrate, Inc. announced today it has signed an agreement for the acquisition of three Websites owned and operated by East West Mortgage, Inc. for $4.4 million in cash. The Internet sites to be purchased by Bankrate include: Mortgage-calc.com, Mortgagecalc.com and Mortgagemath.com. The transaction is subject to the approval of Bankrate’s Board of Directors and is expected to close within a week.

“We intend to leverage the consumer traffic generated by these Websites into the Bankrate.com offering within the next week,” said Thomas R. Evans, president and CEO of Bankrate, Inc. “We anticipate that the organic traffic from these sites will help fuel our display and hyperlink ad sales and will be accretive in the near term,” Mr. Evans, added.