Real estate tech company Porch announced Wednesday that it has brought on five new members to its board of directors ahead of becoming publicly traded.
The company added:
- Javier Saade, founder and managing partner of Impact Master Holdings as well as venture partner at Fenway Summer Ventures
- Chris Terrill, former CEO of HomeAdvisor and Angie’s List and a board member of Realogy Holdings and Infogroup
- Regi Vengalil, chief financial officer of Expedia’s corporate travel division, Egencia, who will serve as the chair of Porch’s M&A committee
- Margaret Whelan, founder and CEO of Whelan Advisor
- Tom Hennessy, chairman, co-CEO and president of PropTech Acquisition Corporation and managing partner of Hennessy Capital Real Estate Strategies, who will serve as the chair of Porch’s compensation committee
Dennie Haydon, Juan Sabater and Michael Baldwin will step down from Porch’s board to accommodate the five new directors.
“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 in the release.
Porch will become a publicly listed company as a result of its merger with PropTech Acquisition Corp. during the fourth quarter this year. Upon closing of the transaction, PropTech will be renamed Porch.com, Inc. and is expected to remain listed on the Nasdaq Capital Market under the new ticker symbol “PRCH.”
It was just last November that PropTech Acquisition Corp. went public in a $172.5 million initial public offering. At that time, the company described itself as “a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. blank-check company
Post-transaction, the combined company will have an enterprise value of $523 million, according to a release, with an estimated equity value of $728 million and $205 million in cash and no debt, assuming no redemptions of PropTech public stockholders.
Cash proceeds raised will consist of PropTech’s approximately $174 million of cash in trust before redemptions and an additional $150 million private investment at $10 per share, the release continued.
“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,” Ehrlichman said. “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.”