Bankrate acquires FastFind.Bankrate Inc., North Palm Beach, Florida North Palm Beach is an incorporated village in Palm Beach County, Florida, United States. The population was 12,064 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 12,645. , has executed a definitive agreement to acquire a 100 percent interest in San Francisco-based Wescoco LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , 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 Internet traffic is the flow of data around the Internet. It includes web traffic, which is the amount of that data that is related to the World Wide Web, along with the traffic from other major uses of the Internet, such as electronic mail and peer-to-peer networks. to enhance the FastFind lead-generating platform." Citing a recent research report by Borrell Associates, Portsmouth, Virginia Portsmouth is an independent city located in the U.S. Commonwealth of Virginia. As of the 2000 census, the city had a total population of 100,565, but a 2006 Census estimate showed the city's population had increased to 101,377. , Evans noted the mortgage industry spent $2.5 billion in online advertising in 2005, with that figure expected to more than double to $5.2 billion by 2009. "The online mortgage industry represents an enormous emerging and addressable Reachable. When something is addressable, it can be identified and manipulated independently of its surroundings. For example, screen pixels and RAM memory are addressable. Each of the screen's picture elements can be individually turned on and off, and each of the memory's bytes can be market," said Evans. "We believe we are strategically positioned to take advantage of the shift of spending from traditional outlets to the Internet." |
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