InsWeb To Buy QuickenInsurance
Monday, December 4th, 2000 TechnologyIn what amounts to an aggregation of aggregators, InsWeb Corp. and Intuit Inc. have announced two agreements under which InsWeb will acquire Intuit’s QuickenInsurance business and will become the exclusive aggregator of online consumer insurance services for Quicken.com, QuickenInsurance.com and "certain Quicken consumer desktop products." Under the acquisition agreement, Intuit, which is based in Mountain View, Calif., will receive 16.6 percent of the post-closing equity in InsWeb, based on the closing price of InsWeb’s stock on Nov. 24, 2000. The estimated total value would be $14 million, said Greg Jones, vice president, public relations for InsWeb. As part of the agreement, Intuit may not purchase additional InsWeb shares for three years, an InsWeb announcement said.
