A multidisciplinary team of Manatt professionals led by corporate and finance partner Scott Schwartz represented Porch Group (Porch), a leading vertical software and InsurTech company reinventing the home services industry, in its acquisition of Floify, a digital mortgage automation and point-of-sale software company. Porch acquired Floify for a combination of $76.5 million in cash and $10 million in Porch Group common stock.
Through this acquisition, Porch aims to simplify home purchasing by expanding its strategy of providing software to companies involved in the homebuying process and gaining access to homebuyers who need insurance, warranty and moving services. It provides Porch entry into the mortgage origination market and enhances the company’s early access to homebuyers.
“Floify has an impressive presence and unique position in the mortgage origination software business,” stated Matt Ehrlichman, Porch founder, Chairman and CEO. “With this acquisition, Porch now has a leadership position in providing software to most of the key fragmented home services industries where companies work with homebuyers at key moments in the home journey.”
Manatt drew from its extensive experience across multiple practice areas while advising Porch, with partners Eric Bergner, Sharon Bauman, David Herbst, Brandon Reilly, Christine Reilly, Stephen Libowsky, Brett Natarelli and Anita Boomstein; counsels Joseph Reilly and Jonathan Lemberg; and associate Melanie E. DeFiore contributing to the transaction.
To learn more about the acquisition, click here.