Industry News

Bankrate to buy MMIS, FastFind for $40 million

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Bankrate has agreed to acquire MMIS/Interest.com and FastFind.com in separate deals worth $40 million, the company said today in separate announcements.   MMIS publishes mortgage guides in more than 300 newspapers and operates Interest.com, a Web site that publishes financial rates and information connecting consumers with lenders. The purchase price for MMIS is $30 million in cash.   "By acquiring MMIS/Interest.com we will be increasing our graphic advertising inventory, broadening our cost-per-click platform, increasing our lead aggregation potential and tripling our newspaper footprint," said Thomas R. Evans, President and CEO of Bankrate.   MMIS sells advertising and publishes consumer mortgage tables and guides in some of the top newspapers in the country, including: The Chicago Tribune, The Chicago Sun Times, The Los Angeles Times, The Miami Herald, The Orlando Sentinel, The Indianapolis Star and The Dallas Morning News.     The company...