Porch, the home improvement platform acquired four new companies shortly after its Initial Public Offering and merger with a special purpose acquisition, or SPAC, company.
One of the companies that was recently acquired by the home improvement platform is named Homeowners of America, which was purchased for $100 million. This acquisition will increase Porch's presence in the home insurance market. Another of the acquisitions is a company named V12, which was purchased for $22 million, and is a marketing and data platform for movers. The other purchases were two home inspection companies named Palm-Tech and iRoofing, and neither purchase price was publicly disclosed.
"In total, we had a $323 million fundraise that allows us now to not only be a public company with public currency, but to be very well capitalized," said Matt Ehrlichman, the Porch CEO.
Home Improvement Acquisitions
The Home Improvement Platform Porch Purchased Four New Companies
Trend Themes
1. Home Insurance Market Expansion - Porch's acquisition of Homeowners of America presents an opportunity for disruptive innovation in expanding its presence in the home insurance market.
2. Marketing and Data for Movers - V12's acquisition provides Porch with the chance to disrupt marketing and data in the niche industry of movers.
3. Home Inspection Services - Porch's purchases of Palm-Tech and iRoofing presents a potential area for disruptive innovation in the home inspection services industry.
Industry Implications
1. Home Insurance - Porch's acquisition of Homeowners of America presents an opportunity for disruptive innovation in the home insurance industry.
2. Marketing and Data Analytics - V12's acquisition provides Porch with the chance to disrupt marketing and data analytics in the movers industry.
3. Home Inspection Services - Porch's purchases of Palm-Tech and iRoofing presents a potential area for disruptive innovation in the home inspection services industry.