QuinStreet Announces Acquisition of CarInsurance.com, Inc.
November 08 2010 - 8:30AM
QuinStreet, Inc. (Nasdaq:QNST), a leader in vertical marketing and
media online, today announced the acquisition of CarInsurance.com,
a prominent independent consumer website supporting auto insurance
shoppers. The acquisition of CarInsurance.com extends QuinStreet's
position as the leading online vertical media company in Insurance.
It provides additional, complementary capacity for QuinStreet to
continue to improve insurance research and shopping for consumers,
and digital marketing effectiveness for insurance carriers and
agencies, on the Internet.
CarInsurance.com is one of the most visited online destinations
for consumers to research auto insurance information, receive and
compare quotes from leading auto insurance carriers, and connect
directly with insurance carriers and agencies. CarInsurance.com has
an extensive library of articles, questions and answers, insurance
requirements and tips, rate and premium trends, and tools and
calculators, providing consumers with the information necessary for
them to make the best auto insurance decisions based on their
personal circumstances.
Auto Insurance represents a large, early and growing market
opportunity for QuinStreet. An estimated $4.1 billion was spent on
property and casualty insurance advertising in 2009, of which only
$591 million or 14% was spent online. Consumers are increasingly
turning to the Internet to research and compare insurance
offerings. According to the comScore 2010 Online Auto Insurance
Report, 52% of consumers shopped for auto insurance online in 2009
and 38.8 million quotes were generated, a 21% increase over 2008.
Advertising budgets will follow consumers online as they
increasingly use the Internet to research and shop for insurance
information and offerings.
"Insurance is a strong and growing vertical for QuinStreet, and
we are excited to add such a premier online media property to our
business," commented Doug Valenti, QuinStreet CEO.
"CarInsurance.com expands our proprietary media and traffic sources
in Insurance, consistent with our strategy. It builds on our recent
acquisitions of Insurance.com and Insure.com, both of which are
performing well, and provides us with additional, complementary
capacity to better serve consumers and clients at ever-increasing
scale. This acquisition completes our near-term program to identify
and acquire the best of the largest independent online organic
media properties in the Insurance vertical. Our efforts now turn
primarily to building these properties to provide exceptional
consumer information and experiences, and to delivering great
measured marketing results for our clients."
QuinStreet purchased all outstanding shares of CarInsurance.com,
Inc. and related entities for $49.7 million in cash.
Conference Call – Today at 7:00am PT
QuinStreet will host a conference call and corresponding live
webcast at 7:00 a.m. PT today, Monday, November 8th, 2010. To
access the conference call, dial 1-866-240-0819 for the U.S. and
Canada and 1-973-200-3360 for international callers. The webcast
will be available live on the investor relations section of the
Company's website at http://investor.quinstreet.com and via replay
beginning approximately two hours after the completion of the call
until the Company's announcement of its financial results for the
second quarter. An audio replay of the call will also be available
to investors beginning at approximately 10:00 a.m. PT on November
8, 2010 until 11:59 p.m. PT on November 15, 2010 by dialing
1-800-642-1687 in the U.S. and Canada, or 1-706-645-9291 for
international callers, using passcode 23829565#. This press release
is also available on the investor relations section of the
Company's website at http://investor.quinstreet.com.
About QuinStreet
QuinStreet, Inc. (Nasdaq:QNST) is a leader in vertical marketing
and media online. QuinStreet is headquartered in Foster City,
CA. For more information, please visit
www.quinstreet.com.
Legal Notice Regarding Forward Looking
Statements
This press release and its attachments contain forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934 that involve risks and uncertainties. Words
such as "will," "believe," "intend," "potential" and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements include the quotations from
management in this press release, as well as any statements
regarding the Company's anticipated financial results and strategic
and operational plans. The Company's actual results may differ
materially from those anticipated in these forward-looking
statements. Factors that may contribute to such differences
include, but are not limited to: the Company's ability to deliver
an adequate rate of growth and manage such growth; the impact of
changes in government regulation and industry standards; the
Company's ability to maintain and increase the number of visitors
to its websites; the Company's ability to identify and manage
acquisitions; the impact of the current economic climate on the
Company's business; the Company's ability to attract and retain
qualified executives and employees; the Company's ability to
compete effectively against others in the online marketing and
media industry; the impact and costs of any failure by the Company
to comply with government regulations and industry standards; and
costs associated with defending intellectual property infringement
and other claims. More information about potential factors that
could affect the Company's business and financial results is
contained in the Company's annual report on Form 10-K filed on
September 13, 2010. The Company does not intend and undertakes no
duty to release publicly any updates or revisions to any
forward-looking statements contained herein.
CONTACT: The Blueshirt Group
Erica Abrams
(415) 217-5864
erica@blueshirtgroup.com
Matthew Hunt
(415) 489-2194
matt@blueshirtgroup.com
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