Ilife.com announced the sale of its online insurance business, Professional Direct Agency, Inc. “Pivot”, to a financial services institution for $4.35 million in cash.
“We are on the steady path to profitability,” explained Elisabeth DeMarse, President and CEO of ilife.com. “The sale of Pivot is yet another milestone in our progress. We are devoted to returning to our core competency, which is bankrate.com, the leading online resource for banking and credit products. This sale dramatically moves us forward toward our goal of rebuilding our balance sheet, controlling our expenses, and ultimately increasing shareholder value.” “Part of our strategy in achieving profitability is a divestiture of our non-core sites,” continued DeMarse. “The sale of Pivot combined with the recent sale of our college site, CPNet to Colleges.com, and the pending sale of our Spanish language site, Consejero.com, will bring phase one to a successful completion. These divestitures are additive to recent cost control and expense reduction efforts. Now we are refocused on our core product and flagship site, bankrate.com. Bankrate is indispensable to consumers seeking the best banking programs for their individual needs. With over 20 successful years in business, this return to our roots will enhance our path to profitability.”
Ilife.com (Nasdaq:ILIF) is the Internet’s leading consumer banking marketplace, with over 1.3 million unique visitors per month connecting with over 4,000 financial institutions in 126 markets in 50 states. Ilife.com operates a portfolio of personal finance channels, including banking, investing, taxes and small business finance. Its flagship site, bankrate.com, is the leading aggregator of over 100 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CD’s, checking and ATM fees, home equity loans and online banking fees. Ilife.com provides financial applications and information to a network of over 120 partners including SNAP (Nasdaq:NBCI), Yahoo! (Nasdaq:YHOO), America Online (NYSE:AOL), CNN and Smart Money. The company’s information is also distributed through more than 120 national and state publications.Details