Porch Group has completed the $100 million acquisition of Irving-based insurance provider Homeowners of America, giving it more of a presence in the insurance technology industry.
Seattle-based Porch, a home services software company, said together the two companies will be able to become one of the largest insurance technology companies. The acquisition, which was first announced in January, combines Porch’s access to homebuyers and property data with HOA’s pricing and claims experience, Porch said.
Porch.com offers connections to consumers who need help finding services providers such as movers, home security, TV/Internet providers, home inspectors, repair and remodeling providers. It has 11,000 companies in its database, including insurance companies.
Porch went public in January and its stock price is up 75% since then. Shares closed down 38 cents, or 2%, to close at $17.62 on Monday. About $20 million of the acquisition of HOA is being paid with stock and $80 million is in cash.
HOA, the 12th largest homeowner insurer in Texas based on 2019 rankings, operates in six states including Texas, Arizona, North Carolina, South Carolina, Virginia and Georgia, and it’s licensed to operate in 31 states.
The company declined to say how many employees HOA has at its Irving headquarters.
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