In the most recent acquisition, two more companies and 94.45 million USD were added The Porch Group.
The Seattle-based home service technology company Thursday Announcing an acquisition American Home Protect (AHP), a home warranty policy provider in Plano, Texas, with a total consideration of US$45.85 million; and a transaction to acquire California CSE Insurance for US$48.6 million in cash, subject to approval by the California Department of Insurance .
These are the latest in a series of transactions aimed at expanding Porch’s cross-regional and household service industry influence. Other recent acquisitions include Rynoh, a copyright software company based in Virginia Beach, Virginia, with a total price of $35 million; and Homeowners of America, an insurance company headquartered in Irvine, Texas, with $100 million in cash and stock.
Porch provides enterprise software for home service companies in the fields of house inspection, moving, real estate, and insurance. Companies can pay a recurring fee to use the software, or if they agree to provide Porch with access to information about home buyers, they can use the software for free. Then, when connecting home buyers with moving companies, insurance agents, home automation and security companies, TV/Internet companies, and other service providers, Porch charges transaction fees.
Also today, Porch raised its full-year revenue forecast to US$187.5 million from the previous US$184 million.
In the second quarter, Porch’s revenue increased by 200% to $51.3 million. Its quarterly net loss widened to 16.3 million U.S. dollars, compared with a loss of 6.3 million U.S. dollars in the same period last year. As of June 30, the company had $150 million in cash and equivalents, and as of December 31, the company had $196 million in cash and equivalents.
Through a merger with a special purpose acquisition company, Porch will go public at the end of 2020.