Porch Group, a Seattle-based home services software company, has completed the $100 million acquisition of Irving, Texas-based insurance provider Homeowners of America, giving it more of a presence in the insurance technology industry.
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 movers, home security, TV/internet providers, home inspectors, repair and remodeling providers, and other home services. It has 11,000 companies in its database, including insurance companies.
Porch Group shares began trading publicly in December after its merger with a special purpose acquisition company called PropTech, and its stock price is up 16% since then. Shares closed down 16 cents, or 0.9%, to close at $17.46 on Tuesday. 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 it has at its Irving headquarters or whether the operations will be consolidated with other Porch offices.
Seattle Times business staff contributed to this report.