Dallas, Texas 05/12/2014 (FINANCIALSTRENDS) –Bankrate, Inc. (NYSE:RATE) announced that it had Caring Inc, the owner of online senior-care resource-Caring.com for $54M in cash, subject to the adjustments. The Caring’s team will be join in Bankrate, Inc. and will continue to operate the company. Carings, co-founder and CEO, Andy Cohen said that they have been approached over many years by different companies which are interested in making their entry into the senior -living market. Bankrate was one of them and had approached them last fall during the round of fundraising & had asked if they would consider this sale, he said.
The Good Fit
Just Like any other venture-backed company, that had not been the company’s plan. Their plan was to continue growing the company however, they eventually made an offer stated Cohen. At $54M, Caring.com could not refuse the offer and Cohen said that it felt liked it would be a good fit for the company. He said that they really like the approach that RATE took and to all the different categories that they play in, as they also have many sites that provide the consumers with very objective information.
An informed decision
It is very similar to what they do in the senior housing space and they provide consumers with very objective information in order to help them with making an informed decision. The sites under the BANK umbrella cover credit cards as well as insurance, and allow consumers to get the very best quotes to determine the next step. But beyond the operational similarities, Caring.com appreciated Bankrate Inc (NYSE:RATE) for its strength. Its extensive consumer-footprint, and editorial leadership, distribution partnerships as well as financial resources will now allow Caring to reach millions of more family caregivers, which will also provide increased numbers in terms of referrals to their partners, said Cohen.