Add two more companies and another $94.45 million to the tally of recent acquisitions by Porch Group.
The Seattle-based home services technology company on Thursday announced the acquisition of home warranty policy provider American Home Protect (AHP) of Plano, Texas, for total consideration of $45.85 million; and a deal to acquire California-based CSE Insurance for $48.6 million in cash, subject to approval by the California Department of Insurance.
These are the latest in a string of deals designed to expand Porch’s reach across geographies and home-services sectors. Rynoh title software, based in Virginia Beach, Va. for $35 million, and Homeowners of America, based Irving, Texas, for $100 million each in stock and cash.
Porch offers enterprise software for home service companies. It is available in areas like home inspections and moving. The software can be used by companies for recurring charges or free of charge if they consent to give Porch access to data about their homebuyers. Porch receives transaction fees for connecting homebuyers with movers, security and home automation firms, television/internet companies, and other service providers.
Porch also increased its full-year revenue projections to $187.5million, up from $184 million.
Porch’s second quarter revenue grew by 2000% to $51.3million. The quarterly loss was $16.3million, up from $6.3 million the year before. As of June 30, the company had $196 million cash and equivalents, compared to $150 million at Dec. 31.
Porch became publicly traded at the end of 2020 through a merger with a special purpose acquisition company.
Publiated at Thu, 09/09/2021 23:46.45 +0000