Austin sales leads software firm drops $165M to buy Colorado company

All Web Leads Inc., an Austin online insurance sales lead generator, has agreed to acquire InsuranceQuotes.com for $165 million.

InsuranceQuotes.com, Bankrate Inc.'s (NYSE: RATE) insurance division, operates a network of national and local insurance agents. Within minutes of requesting them, a consumer receives multiple insurance quotes directly from the companies competing for their business, according to a company announcement.

The deal is scheduled to be completed by the end of the year. Denver, Colorado-based InsuranceQuotes.com, which employs 220 workers, operates offices in California, Massachusetts and Utah, a spokesman said. Bankrate is based in North Palm Beach, Florida.

As posted on Biz Journals