Welcome to our dedicated page for Porch Group news (Ticker: PRCH), a resource for investors and traders seeking the latest updates and insights on Porch Group stock.
Porch Group, Inc. reports developments as a homeowners insurance company built around home-related software, data and consumer services. Its updates commonly cover quarterly results, Insurance Services performance, the Reciprocal model, policies written, adjusted EBITDA, cash flow and financial outlook.
Company news also addresses its vertical software and data strategy for select home-related industries, moving and other services for homebuyers, and the use of home-related data in underwriting and policyholder protection. Porch also announces investor conference participation and other public-company communications tied to its reporting calendar.
On January 21, 2021, Porch Group (NASDAQ:PRCH) announced its acquisition of V12, a top provider of purchase intent insight and marketing services. This strategic move integrates V12's extensive mover database and buyer intent signals with Porch's pre-move data capabilities, aiming to revolutionize mover and homeowner marketing. Porch serves over 10,500 home service companies, with plans to launch new solutions in Q2 2021. The acquisition positions Porch to capitalize on the lucrative mover marketing sector, leveraging proprietary data from both companies.
Porch Group, a leading vertical software company in the home services sector, has been invited to present at the Northland Capital Markets SPAC Conference on January 19-20, 2021. The presentation is scheduled for January 19 at 10:00 a.m. Eastern time and will be available for live streaming. Porch Group offers software and services to over 10,500 home service companies, including home inspectors and moving companies, helping streamline moving processes for homebuyers. For more information, visit porchgroup.com.
Porch Group (NASDAQ: PRCH) has signed definitive agreements to acquire Homeowners of America Holding Corporation (HOA) for $100 million, pending regulatory approval. The deal includes $75 million in cash and up to $25 million in cash or stock. HOA, operating in six states, is a profitable B2B2C insurance provider with plans for nationwide expansion. The acquisition aims to enhance Porch's insurance capabilities and leverage its existing software platform to build a leading InsurTech business. The transaction is expected to close in Q2 2021.
Porch Group has announced a definitive agreement to acquire Homeowners of America, aiming to enhance its service offerings as a Managing General Agent and insurance carrier. This merger, pending regulatory approval, is projected to close in Q2 2021. The acquisition accelerates Porch's mover marketing strategy and expands its total addressable market by nearly $100 billion. Porch has raised its 2021 revenue outlook to $170 million, signaling a 134% year-over-year growth. The deals include the purchase of V12 for a combined $122 million, bolstering Porch's capabilities in both insurance and marketing.
Runway Growth Credit Fund reported strong operational results for Q4 2020, completing $132.4 million in loans and investments, bringing total loan principal to $510 million across 23 companies. The Fund noted increased demand in the life sciences and technology sectors and successfully adapted operations during the pandemic. Liquidity stood at over $180.9 million, bolstered by a $215 million revolving credit facility. The Fund is optimistic about surpassing $1 billion in loan commitments since inception in December 2016.
Porch Group (Nasdaq: PRCH, PRCHW), a leader in the home services software industry, is set to present at the 23rd Annual Needham Growth Conference from January 11-15, 2021. The presentation is scheduled for January 11 at 2:45 p.m. Eastern time, with one-on-one meetings available throughout the event. Attendees can access the live webcast and replay here.
PropTech Acquisition Corporation (NASDAQ: PTAC) announced that its stockholders overwhelmingly approved the business combination with Porch.com, Inc. on December 21, 2020. With 99.99% support, stockholders voted to retain shares, resulting in over $322 million in gross proceeds to accelerate growth in a $220 billion market. The merger will finalize on December 23, 2020, after which the combined entity will operate as Porch Group, Inc. under the ticker PRCH. This vote reflects confidence in Porch's vertical SaaS business model and growth strategy.
PropTech Acquisition Corporation (NASDAQ: PTAC) reminds stockholders to vote for the proposed business combination with Porch.com, Inc. The vote will take place virtually on December 21, 2020, at 11:00 a.m. Eastern time. Stockholders are encouraged to ensure their shares are voted, as the deadline for proxy submission is December 20, 2020. Notably, less than 1,000 public shares were submitted for redemption, leaving approximately $173 million in PropTech’s trust account, which will be released upon closing the business combination.
The leadership teams of PropTech Acquisition Corporation (NASDAQ: PTAC) and Porch.com, Inc. are set to host a virtual investor day on December 1, 2020, from 2:00 to 4:00 PM ET. The presentation will detail Porch's product roadmap and introduce new team members. This event follows the definitive merger agreement announced on July 30, 2020, which aims to take Porch public. Post-merger, PropTech will be renamed Porch Group, Inc. and listed under the new ticker PRCH.
Porch, a leading home services platform, is nearing completion of its business combination with PropTech Acquisition Corporation (NASDAQ: PTAC). This merger is expected to finalize in Q4 2020. Porch's CEO, Matt Ehrlichman, highlighted the company's unique fully integrated software platform, which has proven beneficial to nearly two-thirds of U.S. homebuyers in recent transactions. An initial registration statement was filed with the SEC as part of the merger process. More details about Porch and its services can be found on their website.