Porch Group Inc (NASDAQ: PRCH) is a provider of IT services for the real estate industry. The Company acquired Homeowners of America, expanding its portfolio of solutions. As a result, this became the driving force behind PRCH’s growth. During the last trading session, the PRCH share closed at $17.8 up 11.80% over the previous trading session. The Company had a market cap of $1.16 billion.
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Under regulatory approval, the deal is expected to close early in the second quarter of 2021. Upon closing, the deal will be worth $75 million, followed by an additional $25 million in cash or stock, depending on the share price.
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Homeowners of America combines the home owner’s insurance with property management in a hybrid business model. The Company was founded in 2006. It has offices in six states in the US but is licensed in 31 states all over the country. The targeted insurance market for HOA is estimated at $10 billion. With a customer base of more than 800 partner agencies, the Company operates under a B2B2C model that generates recurring revenues.
There is no doubt that HOA is the best buy. The Company has been seeking a candidate for property and insurance management for quite some time. Porch benefits significantly from this.
Likely, HOA services will progressively integrate into the Porch ecosystem. Porch Group Inc (PRCH) is hopeful the merger will result in one of the most profitable and fastest-growing insurance companies in the US. Successful implementation of this strategy could make Porch one of the best investment destinations.