Bankrate, Inc. Acquires New Companies

Bankrate, Inc. has just acquired several new companies:  Nationwide Card Services, Inc. and Savingforcollege.com LLC.  Both businesses were purchased in separate transactions and are expected to help the company grow significantly.

Nationwide Card Services, Inc, or NCS, is based in Memphis and specializes in services for affiliates within the credit card affiliate network space.  Founded in 2001, the company has quickly grown into one of the leading Internet card application networks.  Serving both consumers and businesses, NCS was purchased for $26.4 million and will continue to operate out of Memphis, maintaining its current staff members.  The company stands to also receive $7.0 million in earn-outs if specific financial targets are met over the following two years.

“The acquisition of NCS adds breadth to one of the important channels we’ve targeted for growth,” said Thomas R. Evans, President and CEO of Bankrate, Inc. “NCS’s affiliate network and strong platform, combined with our organic traffic, should provide the foundation for significant revenue growth in our credit card channel and a much better credit card offering to our consumers.”

Savingforcollege.com LLC was a privately owned business belonging to Joe Hurley and was purchased by Bankrate for $2.25 million.  The company will also receive an achievement earn out if it meets certain goals over the next years, totaling up to $2.0 million.

“Our acquisition of Savingforcollege.com adds a wealth of great content and another source of organic Internet traffic to Bankrate,” said Evans.  “Joe Hurley’s expertise and the valuable content of Savingforcollege.com will attract consumers to Bankrate’s college financing area and enable us to leverage this new addition with our advertisers.”

Savingforcollege.com LLC has established a strong Internet presence, with its main objective being to share information about 529 college savings plans with consumers and financial professionals.  As part of the acquisition, Bankrate also received copyright to many of Hurley’s books, including “Family Guide to College Savings.”  Located in Rochester, New York, Savingforcollege.com LLC will continue to operate from that office.

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