EverQuote Announces Completion of Acquisition of PolicyFuel
August 16 2021 - 5:30PM
EverQuote, Inc. (Nasdaq: EVER), a leading online insurance
marketplace, today announced that it has completed its previously
announced acquisition of PolicyFuel, LLC and its affiliated
entities, (“PolicyFuel” or the “Company”). PolicyFuel operates in
property and casualty (“P&C”) insurance verticals, providing
policy-sales-as-a-service (“PSaaS”) offerings to enable carriers to
complement their own call center operations with access to
dedicated advisor teams that focus exclusively on selling that
provider’s offerings to its target customers.
“This acquisition enables EverQuote to expand the range of
products we offer to support the growth of our P&C carrier
partners and increase the range of personalized shopping
experiences we provide to our consumers,” said Jayme Mendal, CEO of
EverQuote. “PolicyFuel’s PSaaS offerings for P&C markets
extends EverQuote’s existing Direct-To-Consumer Agency (“DTC
Agency”) strategy in our Health and Life insurance verticals, in
which our tech-driven first-party distribution platforms have
improved consumer experience, provider bind performance and our own
monetization. PolicyFuel earns revenue based on policies sold and
broadens EverQuote’s ability to access the $135 billion commission
component of our total addressable market. We are excited to
welcome PolicyFuel’s founders and team to EverQuote.”
Inducement Grants
In connection with the acquisition, EverQuote granted eight
newly hired employees 310,651 performance stock units in the
aggregate that will vest in annual installments over three years
based on the achievement of revenue targets of the Company, the
average trading price of EverQuote’s stock leading up to the
achievement, and, for seven of these eight newly hired employees,
the applicable employee’s continued employment. In addition,
EverQuote granted seven of these newly hired employees 52,529
restricted stock units in the aggregate that will vest in equal
annual installments over four years, subject to continued
employment. Each vested performance stock unit and restricted stock
unit will entitle the applicable employee to receive one common
share of EverQuote.
The performance stock units and restricted stock units were
approved by the EverQuote’s Board of Directors, as required by
Nasdaq Rule 5635(c)(4), and were granted as an inducement material
to the new employees entering into employment with EverQuote in
accordance with Nasdaq Rule 5635(c)(4).
Safe Harbor Statement
Any statements in this press release about future expectations,
plans and prospects for EverQuote, Inc. (“EverQuote” or the
“Company”), including statements about future results of operations
or the future financial position of the Company, including
financial targets, business strategy, plans and objectives for
future operations and other statements containing the words
“anticipates,” “believes,” “expects,” “plans,” and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including: (1) the Company’s ability to attract and retain
consumers and insurance providers using the Company’s marketplace;
(2) the Company’s ability to maintain or increase the amount
providers spend per quote request; (3) the impact on the Company
and the insurance industry of the COVID-19 pandemic; (4) the
effectiveness of the Company’s growth strategies and its ability to
effectively manage growth; (5) the Company’s ability to maintain
and build its brand; (6) the Company’s reliance on its third-party
service providers; (7) the Company’s ability to develop new and
enhanced products and services to attract and retain consumers and
insurance providers, and the Company’s ability to successfully
monetize them; (8) the impact of competition in the Company’s
industry and innovation by the Company’s competitors; (9) the
Company’s expected use of proceeds from its initial public
offering; (10) the Company’s ability to successfully integrate
Policy Fuel and operate a direct to consumer agency business; (11)
developments regarding the insurance industry and the transition to
online marketing; and (12) other factors discussed in the “Risk
Factors” section of the Company’s most recent Quarterly Report on
Form 10-Q, which is on file with the Securities and Exchange
Commission. In addition, the forward-looking statements included in
this press release represent the Company’s views as of the date of
this press release. The Company anticipates that subsequent events
and developments will cause the Company’s views to change. However,
while the Company may elect to update these forward-looking
statements at some point in the future, the Company specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing the Company’s views as of
any date subsequent to the date of this press release.
About EverQuote, Inc.
EverQuote operates a leading online insurance marketplace,
connecting consumers with insurance providers. The company's
mission is to empower insurance shoppers to better protect life's
most important assets—their family, property, and future. Our
vision is to become the largest online source of insurance policies
by using data and technology to make insurance simpler, more
affordable and personalized, ultimately reducing cost and risk.
For more information, visit everquote.com and follow on Twitter
@everquotelife, Instagram @everquotepics, and LinkedIn
https://www.linkedin.com/company/everquote/.
Investor Relations Contact: Brinlea
Johnson The Blueshirt
Group415.269.2645 brinlea@blueshirtgroup.com
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