Porch Group, which acquired out of the SPAC deal, will increase steering after new mergers are accomplished
Porch Group, an online home services marketplace, hopes to make the relocation process a little less difficult for home buyers and tenants with new acquisitions looking to expand their offerings.
The Seattle-based software maker, which began trading through a blank check shell company in late December, announced Thursday it had acquired four companies that it plans to increase its total addressable market to $ 320 billion, which corresponds to a revision of 45%.
Dave Girouard, Porch Founder and CEO, told Jim Cramer during an appearance on CNBC Friday that the move, which includes a homeowner insurer, is expanding the reach for business-to-business-to-consumer operations.
“We really have this experience for anyone moving into a new home, like a CEO, where you get this corporate move and everything is done just for you, and it’s magical,” said Girouard, who works at Mad Money after the exchange closed for trading. “We really think this should be the experience everyone across the country has.”
Porch acquired Homeowners of America, a managing general agent and hybrid insurance carrier for insurance carriers, and V12, a marketing and data platform, for a total of $ 122 million, the company said in a press release. The digital marketplace has also added two software companies to its portfolio to expand its offering to include home inspection and roofing services.
America homeowners who operate in six states and own 31 licenses are a key asset designed to help Porch scale nationwide.
The business moves prompted Porch to increase its revenue forecast for 2021 from its original $ 120 million to $ 170 million. The number would translate into sales growth of 134% year over year, the company said.
Porch is a software company that serves businesses and contractors on the backend, providing the company with a consumer channel each month to allow homeowners to do moving companies, insurers, power hookups and other tasks related to the moving process, Girouard explained.
“We can serve the consumer holistically, and by bringing these companies that we work with – 11,000 companies that we provide software to – they know they look good for their customers and really stand out from the competition,” he said.
Porch.com merged with PropTech Acquisition Corp, a special-purpose acquisition company, on December 23, and began trading on the Nasdaq exchange under the ticker PRCH the day after.
Since debuting, Porch shares are up 20%, closing the trading week at $ 17.81. Much of those gains were made during the stock’s four-day winning streak, including Friday’s session when it was up nearly 40%.