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Porch Group, Inc (NASDAQ:PRCH) Q1 2024 Earnings Call Transcript
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Porch.com completes purchase of Irving-based insurer HOA
Together the two companies believe their technology and homeowners insurance products put them in a better position to grow.
Aerial view of homes in Allen.(Vernon Bryant / Staff Photographer)
Porch Group has completed the $100 million acquisition of Irving-based insurance provider Homeowners of America, giving it more of a presence in the insurance technology industry.
Seattle-based Porch, a home services software company, said together the two companies will be able to become one of the largest insurance technology companies. 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.
Why rental arbitrage doesn’t work: Knotel vs. Industrious
Knotel, once gleeful over WeWork’s downfall, succumbed to the pressure of rental arbitrage last week by (finally) filing for bankruptcy.
In recent months, the startup led by CEO Amol Sarva faced mounting lawsuits alleging it stopped paying rent. In a Chapter 11 filing, the flex-office provider listed assets and liabilities between $1 billion to $10 billion.
The bankruptcy filing includes $20 million in financing to aid with Knotel’s sale to Newmark Group a deal that implies there’s a future for flex-office, just not as Knotel had imagined.
And then there’s Industrious. The Brookfield-backed startup, which signs management agreements with landlords, has 3 million square feet of space and plans to add another 1 million in 2021. It has opened three New York locations since the pandemic hit.
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