Brief: Porch Group Announces Two Strategic Acquisitions To Accelerate Insurtech Ambitions Across The U.S.

Porch

09/09/2021 21:37

Sept 9 (Reuters) - Porch Group Inc  PRCH.O :
    * PORCH GROUP ANNOUNCES TWO STRATEGIC ACQUISITIONS TO
ACCELERATE
ITS INSURTECH AMBITIONS ACROSS THE U.S.
    * INCREASES FULL YEAR 2021 REVENUE GUIDANCE FROM $184
MILLION TO
$187.5 MILLION
    * EXECUTED DEFINITIVE AGREEMENT TO ACQUIRE CSE INSURANCE,
AND
UMBRELLA
    * PORCH AND COVÉA HAVE EXECUTED A DEFINITIVE AGREEMENT FOR
PORCH
TO ACQUIRE CSE INSURANCE
    * PORCH ALSO SIGNED AND CLOSED ITS ACQUISITION OF AMERICAN
HOME
PROTECT
    * ACQUIRING CSE FOR $48.6 MILLION OF CASH AT CLOSING,
PURCHASE
PRICE FOR AHP WAS $38.6 MILLION UPFRONT
    * CSE IS EXPECTED TO BE IMMEDIATELY ACCRETIVE TO PORCH'S
BALANCE
SHEET AT CLOSE
    * TIGHTENING FY ADJUSTED EBITDA MARGIN GUIDANCE RANGE TO
-14% TO
-16% FROM -13% TO -16%
    * FY2021 REVENUE VIEW $185.2 MILLION -- REFINITIV IBES DATA
    * PORCH GROUP - ANTICIPATES IMPACT TO 2022 REVENUE FROM BOTH
BUSINESSES OF ABOUT $30 MILLION, WITH BOTH BUSINESSES EXPECTED
TO OPERATE AT ABOUT BREAKEVEN IN 2022

Source text for Eikon:  ID:nGNX1JX61H 
Further company coverage:  PRCH.O 

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