Porch Expands Board of Directors with Industry Veterans
SEATTLE, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Porch.com, Inc. (“Porch” or “the Company”), a leading software and services platform reinventing the home services industry and how people take care of their homes, has appointed Javier Saade, Chris Terrill, Regi Vengalil, Margaret Whelan, and Thomas Hennessy to its board of directors, effective on Porch’s first day of public trading.
This follows the announced merger with PropTech Acquisition Corporation (NASDAQ: PTAC) (“PropTech” or “PTAC”), a special purpose acquisition company, that would result in Porch becoming a publicly listed company in the fourth quarter of 2020. Dennie Haydon, Juan Sabater and Michael Baldwin will step down from Porch’s board at that time to accommodate the five new directors.
The Porch board of directors will at that time comprise:
- Matt Ehrlichman, CEO and Founder of Porch.com, will serve as Chairman of the Board.
- Joe Hanauer, Principal, Combined Investments, will serve as the chair of Porch’s nominating/governance committee.
- Alan Pickerill, former Executive Vice President and Chief Financial Officer, Expedia Group, Inc., will serve as the chair of Porch’s audit committee.
- Asha Sharma, VP of Product for Messenger, Facebook.
- Javier Saade, Founder and Managing Partner of Impact Master Holdings; Venture Partner at Fenway Summer Ventures; former Associate Administrator of the U.S. Small Business Administration.
- Chris Terrill, Former CEO of HomeAdvisor and Angie’s List; board member of Realogy Holdings Corp. and Infogroup.
- Regi Vengalil, CFO of Egencia (Expedia’s Corporate Travel Division); Former Global Head of Corporate Development and Strategy at Expedia Group will serve as the chair of Porch’s M&A committee.
- Margaret Whelan, Founder and CEO of Whelan Advisory; board experience includes PTAC, Mattamy Homes, John Burns Real Estate Consulting, Housing Innovation Alliance and TopBuild.
- Tom Hennessy, Chairman, Co-CEO, and President of PTAC; Managing Partner of Hennessy Capital Real Estate Strategies will serve as the chair of Porch’s compensation committee.
“We set out to assemble an incredible collection of people to serve on Porch’s board as we begin this exciting new chapter in our company’s history,” said Porch.com CEO, Chairman and Founder Matt Ehrlichman. “We extensively vetted and considered many accomplished candidates and believe the collective experience of these seasoned leaders provides Porch with deep experience in home services, technology, general business and governance. We are looking forward to this diverse and accomplished board, along with our partners at PropTech, to facilitate a smooth transition to becoming public, set strategy and maximize our pathways to create shareholder value. We are also grateful to Juan, Denny and Mike for the invaluable guidance they have provided to Porch. We could not have gotten to this point without them.”
Tom Hennessy, Chairman, Co-CEO and President of PTAC, as well as future Director of Porch, commented: “Porch has created the first fully-integrated software and home services platform with an innovative B2B2C pricing model that helps make homeownership easy. It’s an honor for Margaret and me to join this group of leaders, represent all shareholders and bring Porch’s exciting growth story to the public markets.”
For detailed backgrounds on Porch’s board of directors, please visit www.porchcorp.com/team.
Seattle-based Porch, 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 porchcorp.com.
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 PTAC’s or Porch’s future financial or operating performance. For example, projections of future revenue and adjusted EBITDA and other metrics 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,” “or“ 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 PTAC and its management, and Porch and its management, as the case may be, are inherently uncertain Factors that may cause actual results to differ materially from current expectations include, but are not limited to: 1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive merger agreement with respect to the business combination; 2) the outcome of any legal proceedings that may be instituted against PTAC, the combined company or others following the announcement of the business combination and any definitive agreements with respect thereto; 3) the inability to complete the business combination due to the failure to obtain approval of the shareholders of PTAC, to obtain financing to complete the business combination or to satisfy other conditions to closing; 4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the business combination; 5) the ability to meet the Nasdaq’s listing standards following the consummation of the business combination; 6) the risk that the business combination disrupts current plans and operations of Porch as a result of the announcement and consummation of the business combination; 7) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 8) costs related to the business combination; 9) changes in applicable laws or regulations; 10) the possibility that Porch or the combined company may be adversely affected by other economic, business and/or competitive factors; 11) Porch’s estimates of its financial performance; and 12) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in PTAC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and the section entitled “Risk Factors” in PTAC’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020. 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. Neither PTAC nor Porch undertakes any duty to update these forward-looking statements, except as otherwise required by law.
Investor Relations Contact:
Gateway Investor Relations
Cody Slach, Matt Glover
Released September 23, 2020