Following IPO and Acquisitions, Porch Group Expands Leadership Team With Four Industry Veterans

Rhea-AI Summary

Porch Group, a vertical software platform for home services, has announced expansions in its leadership team to enhance business segments. New appointments include Adam Kornick as President of Insurtech, Andrew Beck as head of Contractor Tools SaaS, Malcolm Conner leading Home Services, and Manisha Patel as VP of Finance. These leaders bring a wealth of experience from notable companies and are expected to drive growth following Porch's recent merger with PropTech Acquisition Corporation and strategic acquisitions.

Positive

• Appointment of experienced leaders expected to drive growth and operational improvements.
• Strategic acquisitions made in Insurtech and Contractor Tools SaaS to strengthen market presence.
• Recent merger with PropTech Acquisition Corporation positions the company for greater opportunities in the home services sector.

Negative

• None.

SEATTLE, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Porch Group (“Porch” or “the Company”) (NASDAQ: PRCH), a leading vertical software platform reinventing the home services industry, today announced an expansion of their leadership team, including Adam Kornick as President of Insurtech, Andrew Beck as head of Contractor Tools SaaS, Malcolm Conner leading Porch’s Home Services group, and Manisha Patel as Vice President of Finance.

Adam Kornick, President of the Insurtech division at Porch, is responsible for making insurance in the home simple using unique demand and data from Porch’s vertical software platform and B2B2C business model. Mr. Kornick previously led data and technology functions as the Chief Data Technologist at Allstate and was the Chief Analytics Officer at Aviva. He also had a career at Progressive as a leader in product, operations and advanced analytics, including managing operations to a substantially lower Non-Acquisition Expense Ratio to enable rapid, profitable growth and developing the capabilities to allow digital marketing across 40 billion impressions, yielding 8% more customers at the same marketing spend level.

Leading Porch Group's Contractor Tools SaaS and Services division, Andrew Beck specializes in operational performance improvement, holistic P&L ownership, and M&A. Andrew served as General Manager at EverCommerce where he built a division of home and field services SaaS solutions and supported M&A integrations. During his tenure, EverCommerce grew from startup to $2 billion in revenue, completed 35 domestic and international acquisitions, and underwent a very successful recapitalization with Silver Lake Partners.

Malcolm Conner, who will lead Porch’s Home Services group, specializes in business growth and value creation with over 20 years of experience leading home services and information businesses from start-up to revenues over $400 million. Prior to joining Porch, he was Chief Executive Officer at NanoSmart Technologies and its subsidiary, NanoSmart Lights. Malcolm also served as President of American Water Resources, a home warranty company and subsidiary of American Water, the largest water and wastewater utility in North America. During his 4 years leading this home warranty company, Malcolm and his team forged deep partnerships throughout the utilities industry and grew over 300% in terms of revenues and EBITDA.

A finance executive with 15 years of experience in domestic and international markets, Manisha Patel is the Vice President of Finance for Porch. Prior to joining Porch, Manisha served as the VP of Finance and M&A/Strategy at APR Energy (LSE: APR 2011-2016). At APR Energy, she was a key member of the executive team, directing the company strategy and building it from $100 million to $450 million through organic growth and M&A. She was a hands-on finance leader supporting over $2 billion in M&A activities/recapitalizations including a SPAC-driven IPO on the London Stock Exchange and raising $1.5 billion of growth capital.

On December 23, 2020, Porch successfully merged with PropTech Acquisition Corporation and began trading on the NASDAQ under the symbol PRCH. On January 14, 2021, Porch announced the strategic acquisitions of V12, PalmTech and iRoofing, as well as its expansion into Insurtech with the acquisition of Homeowners of America which is expected to close in the second quarter of 2021.

“With our recent acquisitions and our debut on NASDAQ as a publicly traded company, we're building great momentum and continuing to grow rapidly,” said Porch Group CEO, Chairman, and Founder Matt Ehrlichman. “We’re pleased to have Manisha, Andrew, Adam, and Malcolm join the leadership team and are excited about the future of Porch. Our rapid expansion allows these leaders to step into important roles making an immediate and positive impact.”

For detailed backgrounds on Porch Group’s executive leadership, please visit https://porch.com/about/team.

About Porch Group

Seattle-based Porch Group, the vertical software platform for the home, provides software and services to more than 11,000 home services companies such as home inspectors, moving companies, real estate agencies, utility companies, and warranty companies. Through these relationships and its multiple brands, Porch provides a moving concierge service to homebuyers, helping them save time and make better decisions on critical services, including insurance, moving, security, TV/internet, home repair and improvement, and more. To learn more about Porch, visit porchgroup.com or porch.com.

Press contact:

Gateway Investor Relations
Jordan Schmidt
(949) 386-6332
PRCH@gatewayir.com

Investor Relations contact:

Gateway Investor Relations
Cody Slach, Matt Glover
(949) 574-3860
PRCH@gatewayir.com

FAQ

What leadership changes were announced by Porch Group in February 2021?

Porch Group announced the appointments of Adam Kornick as President of Insurtech, Andrew Beck as head of Contractor Tools SaaS, Malcolm Conner leading Home Services, and Manisha Patel as VP of Finance.

How does Porch Group's recent merger affect its operations?

The merger with PropTech Acquisition Corporation has enabled Porch Group to operate as a publicly traded company, enhancing its growth potential and market opportunities.

What is Porch Group's strategic focus following its recent acquisitions?

Porch Group is focused on expanding its influence in the Insurtech and Contractor Tools SaaS markets to improve service offerings and drive revenue growth.

What are the potential impacts of the new leadership team on Porch Group?

The new leadership team, with extensive experience, is expected to make immediate positive impacts on Porch Group's operational performance and strategic direction.