Business News • MarketWire • InsWeb to Focus on Monetizing Its Patented Technologies Following Sale of Insurance Lead Generation and Marketing Business |
InsWeb to Focus on Monetizing Its Patented Technologies Following Sale of Insurance Lead Generation and Marketing Business |
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InsWeb to Focus on Monetizing Its Patented Technologies Following Sale of Insurance Lead Generation and Marketing Business
SACRAMENTO, CA--(Marketwire - Oct 10, 2011) - As previously disclosed today, InsWeb Corporation (NASDAQ: INSW) has entered into a definitive agreement to sell substantially all of its assets relating to its insurance lead generation and marketing business to Bankrate, Inc. (NYSE: RATE) for $65 million in cash at closing, subject to a working capital adjustment specified in the agreement. Under the terms of the agreement, Bankrate will also assume certain liabilities of InsWeb. Following the closing, InsWeb will retain a portfolio of e-commerce and online insurance distribution patents, intends to focus its efforts on licensing its patent portfolio, and is expected to continue as a public company. Since its founding in 1995, InsWeb has developed multiple proprietary e-commerce and online insurance distribution technologies and owns five issued patents and two patent applications.
View More : http://www.marketwire.com/mw/release.do?id=1570957&sourceType=3
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