PropTech Acquisition Corp’s Merger with Porch.com

Sidley Austin LLP represented Porch.com Inc, while Kirkland & Ellis LLP advised PropTech.

PropTech Acquisition and Porch.com have entered into an agreement, resulting in Porch becoming a publicly listed company.

The combined company will have an estimated post-transaction EV of $523M, consisting of an estimated equity value of $728M and $205M in cash and no debt.

The net proceeds raised will be used to support Porch’s working capital, pay down debt and fund expansion through acquisitions.

Transaction includes a $150M of private investment at $10/share led by Wellington Management Company, LLP.

Post transaction, PropTech will be renamed Porch.com and is expected to remain listed on the Nasdaq Capital Market under the new ticker symbol PRCH.

Porch is a unique home services platform that provides industry-leading ERP and CRM software to 11,000 inspection, moving and adjacent home services companies, gaining access to a proprietary and recurring sales funnel which includes a majority of homebuyers in the U.S. annually. The company’s innovative business-to-business-to-consumer (B2B2C) pricing model provides a cost-free alternative for software users and consumers while creating an expansive revenue opportunity for Porch, leveraging established monetization channels including insurance, moving, TV/internet, security, home repair and improvement, and more.

Sidley team was led by Josh DuClos (Picture) and Matthew Stoker and included Anthony Friedman, Patrick Sims, Michael Heinz, William Blakely, Rachel Kleinberg, Jonathan Westreich, Matthew Johnson, Christian Pilhofer, Julia Sprangers, Eric Kauffman, Jason Marsico, Anna Remis, Summer Danzeisen, Colleen Brown, Stephen W. McInerney, James Lowe, Amanda Norton, Pam Martinson, Raisa Turner, Joseph Christie, Stephanie Dobecki, Frank Favia and Chris Barnes

The Kirkland team advising PropTech was led by  transactional partners Douglas Ryder and Abhishek Kolay, and capital markets partners Christian Nagler and Brooks Antweil; and also included litigation partner Judson Brown; tax partners Sara Zablotney and Sehj Vather; and transactional associates Dan Vaczy and Ryan Martin.

Involved fees earner: Brooks Antweil – Kirkland & Ellis; Judson Brown – Kirkland & Ellis; Abhishek Kolay – Kirkland & Ellis; Ryan Martin – Kirkland & Ellis; Christian Nagler – Kirkland & Ellis; Douglas Ryder – Kirkland & Ellis; Daniel Vaczy – Kirkland & Ellis; Sehj Vather – Kirkland & Ellis; Sara Zablotney – Kirkland & Ellis; Chris Barnes – Sidley Austin LLP; William Blakely – Sidley Austin LLP; Colleen Theresa Brown – Sidley Austin LLP; Joseph Christie – Sidley Austin LLP; Summer Danzeisen – Sidley Austin LLP; Stephanie Dobecki – Sidley Austin LLP; Joshua DuClos – Sidley Austin LLP; Frank Favia – Sidley Austin LLP; Anthony James Friedman – Sidley Austin LLP; Michael Heinz – Sidley Austin LLP; Matthew Johnson – Sidley Austin LLP; Eric Kauffman – Sidley Austin LLP; Rachel Kleinberg – Sidley Austin LLP; James Lowe – Sidley Austin LLP; Jason Marsico – Sidley Austin LLP; Pamela Martinson – Sidley Austin LLP; Stephen McInerney – Sidley Austin LLP; Amanda Norton – Sidley Austin LLP; Christian Pilhofer – Sidley Austin LLP; Anna Remis – Sidley Austin LLP; Patrick Sims – Sidley Austin LLP; Julia Sprangers – Sidley Austin LLP; Matthew Stoker – Sidley Austin LLP; Raisa Turner – Sidley Austin LLP; Jonathan Westreich – Sidley Austin LLP;

Law Firms: Kirkland & Ellis; Sidley Austin LLP;

Clients: Porch.com; PropTech Acquisition Corporation;

Author: Ambrogio Visconti