Following its June acquisition by private equity firm Wasserstein & Co., business-to-business publishing company ALM is buying Summit Professional Networks.

Summit Professional publishes insurance and legal publications, including Investment Advisor, National Underwriter and InsideCounsel. The deal also includes Judy Diamond Associates, which provides prospecting tools and data within the benefits industry.

This is ALM's second acquisition in two months. The group also bought Kennedy consulting Research & Advisory. The purchase should help the company reach into new strategic markets, says ALM CEO Bill Carter.

ALM, headquartered in New York, publishes, The American Lawyer, Corporate Counsel, The National Law Journal and The New York Law Journal. The company also provides marketing services.

Several other business-to-business publications have been involved in deals recently. In August, Penske Media Corp. bought the Fairchild Fashion Media group, including Women's Wear Daily (WWD) from Conde Nast.

In August, Observer Capital bought SourceMedia Inc., the publisher of Mergers & Acquisitions, from Investcorp. 

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