Access Plans Inc (fka APNC)

[MoneyMan]

InsWeb considering two acquisitions
Sacramento Business Journal - by Kelly Johnson Staff writer

I post this only to make the point how undervalued APNC is. INSW is bascially a few websites that quote health, life, auto, P&C and other insurance. They are a giant lead factory for agents. Sitting at same valuation as APNC. My problem is that INSW spent $23m in 2009 just trying to drive people to its websites.

InsWeb Corp. reported Monday that it is considering two acquisitions, but it did not disclose any details about the companies.

“Any acquisition will be evaluated in terms of the prospects for accelerating profitable growth by expansion into other product lines and bolstering marketing expertise,” the Sacramento-based online insurance marketplace wrote in a filing with the U.S. Securities and Exchange Commission.

Talks are “in the very early stages,” InsWeb reported, and it is unclear whether either would happen.

Last week, InsWeb reported first-quarter net income of $499,000 on revenue of $9.5 million, which ended March 31.

In the earnings release, the company said that it is “exploring additional opportunities to accelerate our growth, which may involve acquisitions, provided they are expected to be quickly accretive.”

Not to say that IF APNC was to have them in mind in terms of M&A activity, I would not be excited. These two coming togther would be a nice play for each.