Ilife.com announced today 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,” DeMarse said. “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.”
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