Bankrate

For the economic feature, see bank rate.
Bankrate, Inc.
Public
Traded as NYSE: RATE
Industry Internet
Founded 1976
Headquarters New York City, New York, U.S.
Area served
 U.S., Canada, China
Key people
 Kenneth Esterow, President and CEO
Revenue Increase US $434.2 million (2016)[1]
Number of employees
 384[2]
Website Bankrate.com

Bankrate, Inc. is a consumer financial services company based in New York City. Bankrate.com, perhaps its best-known brand, is a personal finance website.

History

Bankrate was founded in 1976 as a print publisher of the "Bank Rate Monitor."[2] In 1996, the company began moving its business online.[2] Today, Bankrate, Inc.'s online network includes Bankrate.com as well as CreditCards.com, Caring.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, ThePointsGuy.com, Bankrate.com.cn, CreditCards.ca, NetQuote.com, CD.com, Walla.by and Quizzle. The online network received over 150 million visits in 2010.[2] In January 2011, Bankrate completed the acquisition of Trouve Media. In December 2011, Bankrate completed the acquisition of substantially all of the assets of InsWeb Corporation for $65 million in cash.[3] In March 2012, Bankrate acquired InsuranceAgents.com.[4]

After spending 10 years as a public company traded on the NASDAQ, Bankrate was acquired in 2009 by Apax Partners in a transaction valued at approximately $571 million.[5]

In June 2011, Bankrate raised a total of $300 million in gross proceeds with a successful Initial Public Offering on the New York Stock Exchange.[6] In December 2011, Bankrate priced a secondary offering of 12.5 million shares at $17.50 per share.[7] Kenneth S. Esterow was appointed Bankrate's President and Chief Executive Officer in January 2014, having previously served as Senior Vice President – Chief Operating Officer from September 2013 to December 2013.[8]

Services

The New York Stock Exchange on June 17, 2011, when Bankrate's shares were listed.

Since the beginning, Bankrate has provided information about interest rates. Beginning in 2004, Bankrate also began offering financial education content, insurance quotes, and credit card offers.[9]

One of Bankrate's reports in 2014 determined the costs of car ownership in each state, taking into account the costs of gas and insurance, among other factors. The data suggested that Wyoming is the most expensive state in the nation to own a car.[10]

Honors

The National Association of Real Estate Editors in 2014 named Bankrate's Mortgage blog the winner of its Best Blog and Best Column awards. In October 2012, Advertising Age ranked Bankrate as the fifth fastest-growing media company.[11] Bankrate's "Financial Regulation, One Year Later" package earned a 2012 "Best in Business" award from the Society of American Business Editors and Writers (SABEW).[12] Bankrate won two SABEW Awards in 2011: Holden Lewis' mortgage blog and Bankrate's explanatory series on financial reform were honored.[13] Bankrate writers have won awards from the Society of Professional Journalists several times, most recently in 2007 for their coverage of the Federal Reserve Open Market Committee's rate cut.[14] In 2008, Forbes named Bankrate #41 in its list of America's 200 Best Small Companies.[15] Forbes previously had honored the website in its "Best of the Web" series five times between 1999 and 2004.[16]

References

  1. ↑ "Bankrate Reports Fourth Quarter and Full Year 2016 Financial Resultsl=http://investor.bankrate.com/news-releases/news-release-details/bankrate-reports-fourth-quarter-and-full-year-2016-financial?field_nir_news_date_value[min]=2017".
  2. 1 2 3 4 "Amendment No. 1 to Form S-1 Registration Statement Under the Securities Act of 1933". Retrieved 2012-02-07.
  3. ↑ "Bankrate, Inc. Completes Acquisition of Insurance Lead Generation and Marketing Assets of InsWeb Corporation". Retrieved 2012-02-04.
  4. ↑ "Bankrate Buys Columbus Leads Generator InsuranceAgents.com". Retrieved 2012-05-11.
  5. ↑ "Bankrate, Inc. Agrees to be Acquired by Apax Partners for $28.50 Per Share in Cash" (Press release). Bankrate, Inc. July 22, 2009.
  6. ↑ "Bankrate, Inc. Celebrates Initial Public Offering and First Day of Trading on the New York Stock Exchange" (Press release). New York Stock Exchange. June 17, 2011.
  7. ↑ "Bankrate, Inc. Announces Pricing of Secondary Offering" (Press release). Bankrate, Inc. December 6, 2011.
  8. ↑ "PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934". April 30, 2014. Archived from the original on 2015-03-27.
  9. ↑ "How Bankrate Became a Financial Data Juggernaut". BadCredit.org. Retrieved 26 June 2017.
  10. ↑ Chokshi, Niraj. "Map: The most expensive state to be a car owner is … Wyoming?". www.washingtonpost.com. The Washington Post. Retrieved 12 August 2014.
  11. ↑ "Your Guide to the Leading Media Companies 2012". SABEW. October 1, 2012. Retrieved 2012-11-07.
  12. ↑ "Complete List of Winners in SABEW’s 17th Annual Best in Business Awards". SABEW. February 17, 2012. Retrieved 2012-02-21.
  13. ↑ "202 Winners Announced for SABEW’s Annual Best in Business Contest". SABEW. March 18, 2011. Retrieved 2011-09-16.
  14. ↑ "SPJ Announces the 2007 Sigma Delta Chi Award Winners" (Press release). Society of Professional Journalists. April 14, 2008. and "54th Annual Green Eyeshade Excellence in Journalism Award Winners" (Press release). April 12, 2004. and "1999 Sigma Delta Chi Award Honorees". Retrieved 2008-11-30.
  15. ↑ "#41 Bankrate". Forbes.com. Forbes Digital. October 8, 2008. Archived from the original on 12 December 2008. Retrieved 2008-11-28.
  16. ↑ "Award-winning content". Bankrate. Archived from the original on 23 June 2011. Retrieved 2011-07-28.
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