Bankrate Inc., North Palm Beach, Florida, has executed a definitive agreement to acquire a 100 percent interest in San Francisco-based Wescoco LLC, doing business as FastFind.
The purchase price for the financial lead-generation business was $10 million in cash. The transaction closed on Nov. 30, 2005, and Bankrate expects the acquisition to be accretive in 2006.
"This acquisition rapidly propels Bankrate into the lead-aggregation sector, and will add a new revenue stream to our business," said Thomas R. Evans, president and chief executive officer of Bankrate. "We intend to leverage our customer Internet traffic to enhance the FastFind lead-generating platform."
Citing a recent...