Porch.com Makes Key Leadership Team Additions in Advance of IPO

12/8/2020, 2:00 PM (Source: GlobeNewswire)

SEATTLE, Dec. 08, 2020 (GLOBE NEWSWIRE) -- Porch.com, Inc. (“Porch” or “the Company”), a leading software and services platform reinventing the home services industry, today announced the appointments of Matthew Cullen to General Counsel and Secretary, and Joshua Steffan to VP and Group GM, Inspection and Real Estate.

Prior to joining Porch, Matt Cullen served in various roles at Expedia Group, Inc., most recently as Global Co-Head (Legal) of M&A and Integrations, where he was responsible for leading teams in acquisitions for aggregate deal value in excess of $10 billion, divestitures, company-wide complex projects (including COVID-19 response), and strategic sponsorships, as well as post-acquisition legal and integration matters. Prior to Expedia, Matt practiced law at Sullivan & Cromwell LLP and Davis & Gilbert LLP.

Joshua Steffan, who will lead Porch’s Home Inspection and Real Estate SaaS and services vertical, specializes in SaaS marketplace product strategy with over 15 years of experience growing digital businesses from startup to revenues of over $200 million. Prior to joining Porch, he was Chief Operating Officer at Home Bay where he was responsible for the real estate brokerage, closing and mortgage businesses and increased revenue by 40% year-over-year.

In July, Porch.com announced a merger agreement with PropTech Acquisition Corporation (NASDAQ: PTAC) (“PropTech” or “PTAC”), a special purpose acquisition company targeting businesses in the real estate technology industry that would result in Porch becoming a publicly listed company. With the expansion of its leadership team, Porch.com is well positioned to go public later this month.

“We’re extremely fortunate to have Joshua and Matt join our leadership team at such an exciting and important point in our Company’s history,” said Porch.com CEO, Chairman and Founder Matt Ehrlichman. “They are both extremely talented individuals, each with a pedigree of success throughout their career. I’m looking forward to working with each of them and building our own successes together in the months and years ahead.”

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

About Porch.com

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.

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 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.

Press contact:

Tailwind Public Relations, LLC
Jeff Pecor
(206) 948-1482
jeff@tailwindpr.com

Investor Relations contact:

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

PropTech Contact:

contact@proptechacquisition.com


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