InsWeb Corp. InsWeb Corp. Latest from The Business Journals Dow plunges againDow closes up 423Dow loses 520 points, erasing rebound Follow this company announced Monday that it is selling the bulk of its assets to Bankrate Inc. Bankrate Inc. Latest from The Business Journals Bank of America to charge for debit card useBank of America to charge for debit card use Bank of America to charge for debit card use Follow this company for $65 million in cash.
Locally based InsWeb (NASDAQ: INSW) will keep its e-commerce and online insurance distribution patents, which it will license to Bankrate “on a perpetual, royalty-free, non-exclusive basis,” a news release said.
Bankrate (NYSE: RATE) also agrees to assume some of InsWeb’s liabilities.
InsWeb expects to continue operating as a public company “and will focus on a new business model in which it will license its patented technologies,” the release said.
“We are excited about this transaction and the value that it delivers to us and our shareholders,” Hussein Enan, InsWeb board chairman and chief executive officer, said in the release. “The purchase price represents a compelling valuation for the business, while we believe the retention of our patent portfolio and our planned efforts to license the proprietary technologies we have developed over the years provides potential upside to our shareholders. …Bankrate’s strong online distribution network is an ideal fit for our customers and consumers, who will continue to be well served in the marketplace.”
InsWeb shareholders and regulators still must approve the deal.
That sounds like a great step toward success..
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