V12, Leading Marketing and Data Services Provider Acquired by Porch Group to Transform Mover Marketing
On January 21, 2021, Porch Group (NASDAQ:PRCH) announced its acquisition of V12, a top provider of purchase intent insight and marketing services. This strategic move integrates V12's extensive mover database and buyer intent signals with Porch's pre-move data capabilities, aiming to revolutionize mover and homeowner marketing. Porch serves over 10,500 home service companies, with plans to launch new solutions in Q2 2021. The acquisition positions Porch to capitalize on the lucrative mover marketing sector, leveraging proprietary data from both companies.
- Acquisition enhances Porch's mover marketing capabilities by combining V12's database with Porch's pre-move data.
- Expected to launch innovative marketing solutions, enhancing revenue opportunities.
- Strengthens Porch's position in the home services market, addressing a lucrative sector.
- Integration challenges may arise from combining two distinct data systems.
- Potential risks associated with competition in the mover marketing industry.
BOSTON, Jan. 21, 2021 /PRNewswire/ -- V12, a leading provider of purchase intent insight and marketing services, including mover data, announced that it has been acquired by Porch Group, Inc. (NASDAQ:PRCH), a leading vertical software company for the home services industry. The acquisition combines the power of V12's 27+ million mover database and billions of buyer intent signals with Porch's unique new mover data assets to transform mover and homeowner marketing.
BrightTower (www.brighttower.com) an investment banking advisory firm focused on software, information, marketing, and business services, served as exclusive advisor to V12 in the transaction.
Porch provides software and services to over 10,500 home service companies such as home inspectors, moving companies, real estate agencies, utility companies, and warranty companies. Through this unique, early access to movers, Porch identifies new movers 6 weeks before the move occurs. "The move is the most powerful economic trigger in marketing across all verticals. Today, most new mover marketing data becomes available when reported to the United States Postal Service after the move occurs," said Andy Frawley, SVP, Porch Marketing Software Division and CEO of V12. "By combining V12's comprehensive household, automotive, buying signal and mover data with Porch's unique pre-move and other home-related data assets, we can transform the new mover marketing industry through data products and programs that marketers can't get anywhere else."
According to Matt Ehrlichman, Porch founder, chairman and CEO, "With this acquisition, V12 immediately becomes the anchor in our strategy to attack the highly-attractive mover marketing opportunity. Together, we expect to provide unique and compelling products to brands leveraging the proprietary data both companies possess. With the strong SaaS and data products and leadership team from V12, we believe we are best positioned to win in mover marketing. We look forward to growing this business rapidly and are tremendously excited about the future together."
The companies expect to start launching new solutions in Q2 2021. To learn more about the combination and opportunity, join V12's free webinar on January 28, 2021 at 1:00pm-1:30pm EST at https://v12data.com/inbound/webinar-new-frontiers-new-mover-marketing/
About V12
As a leading provider of customer acquisition and retention solutions, V12's new breed of marketing blends data, technology and analytics to drive accelerated results. Our comprehensive solutions leverage industry-leading data, in-market shopping indicators, state-of-the-art analytics and end-to-end omnichannel marketing execution, all powered by our market leading Customer Data Platform solution, V12 Velocity. Learn more at www.v12data.com
About Porch Group
Seattle-based Porch Group, the vertical software platform for the home, provides software and services to more than 10,500 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 www.porchgroup.com and www.porch.com.
Forward-Looking Statements
Certain statements in this press release may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Porch's future financial or operating performance. For example, projections of future revenue, Adjusted EBITDA and other metrics, business strategy and plans, and anticipated impacts from pending or completed acquisitions, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Porch and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the ability to recognize the anticipated benefits of Porch's December 2020 business combination (the "Merger") with PropTech Acquisition Corporation ("PropTech"), which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably, maintain key commercial relationships and retain its management and key employees; (2) expansion plans and opportunities, including future and pending acquisitions or additional business combinations; (3) costs related to the Merger and being a public company; (4) litigation, complaints, and/or adverse publicity; (5) the impact of changes in consumer spending patterns, consumer preferences, local, regional and national economic conditions, crime, weather, demographic trends and employee availability; (6) privacy and data protection laws, privacy or data breaches, or the loss of data; (7) the impact of the COVID-19 pandemic and its effect on the business and financial conditions of Porch; and (8) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Forward-Looking Statements" in the definitive proxy statement/consent solicitation statement/prospectus filed by PropTech (n/k/a Porch) with the Securities and Exchange Commission (the "SEC") on December 3, 2020 and other documents of Porch filed, or to be filed, with the SEC.
Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Porch does not undertake any duty to update these forward-looking statements, except as may be required by law.
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SOURCE V12
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