Bankrate has completed the acquisition of the assets of InsWeb relating to InsWeb's insurance lead generation and marketing business.

The two companies have signed a definitive agreement, which specifies the assets to be purchased, in exchange for the assumption of certain liabilities and also the $65m cash payment.

InsWeb will license its retained portfolio e-commerce and online insurance distribution patents to Bankrate on a perpetual, royalty-free, non-exclusive basis.

Bankrate said that InsWeb is expected to continue as a public company and will focus on a new business model where it will license its patented technologies.