Austin-based All Web Leads said Friday that is has agreed to acquire InsuranceQuotes.com, Bankrate Inc.'s insurance division, in a $165 million purchase that is due to close by year's end.
Founded in 2005, the company has $110 million in annual revenue and has grown to become the largest private company in the industry. It currently has 400 employees in Austin, its sole location, and expects to grow its headcount with the acquisition, according to Cortney Johnson, the firm's chief financial officer.
"We are not quite ready to share our hiring projections but anticipate a significant number of local hires as we work through our integration," Johnson said in an email to the American-Statesman.
InsuranceQuotes.com, formerly known as Bankrate Insurance, has the industry's largest network of insurance agents and an online process that allows consumers to request and compare insurance quotes from multiple companies.
Bill Daniel, CEO of All Web Leads, said the acquisition allows the firm to bring its premium products to "many thousands" of new insurance agents and agency customers across the U.S.
"We expect to bring all of our customers a level of performance and service surpassing anything they have experienced before," Daniel said in a written statement.
After the acquisition is final, All Web Leads' clients will include the top 20 U.S. property and casualty insurance carriers, most of the largest U.S. health insurers and more than 30,000 individual insurance agents and agencies in all 50 states.
Kenneth Esterow, Bankrate's president and CEO, said the sale will allow Bankrate to focus on the firm's two core businesses -- credit cards and banking -- as well as growth opportunities in the senior-care market.
Genstar Capital, a San Francisco private equity firm, acquired All Web Leads earlier this year.
As posted on My Statesman from Austin American-Statesman