EverQuote to Acquire Leading Healthcare Agency Crosspointe Insurance Advisors
August 04 2020 - 4:06PM
EverQuote, Inc. (Nasdaq: EVER), a leading online insurance
marketplace, today announced that it has signed a definitive
agreement to acquire Crosspointe Insurance & Financial
Services, LLC, a leading health insurance agency headquartered in
Evansville, Indiana.
Crosspointe is a sales and decision support contact center that
connects consumers to high-quality healthcare insurance in a
customer-centric environment. Crosspointe will accelerate the
extension of EverQuote’s digital distribution platform to a
direct-to-consumer agency model within the health vertical. The
acquisition, in conjunction with our organically-developed,
direct-to-consumer agency initiatives, broadens EverQuote’s ability
to access the $130 billion commission TAM component of the overall
insurance distribution spend, shifting online.
"Crosspointe’s agency expertise and carrier relationships,
combined with EverQuote’s data-driven insurance marketplace
platform, consumer volume, and distribution, will position us to
deepen our customer engagement, further diversify and grow
revenues, and capitalize on the expanding market opportunity in
health insurance," said Seth Birnbaum, CEO of EverQuote. "I am
pleased to welcome Josh, Drew and the entire Crosspointe team, who
share our cultural roots in bootstrapping, heart, tenacity, and
data-driven optimization. Their team is an ideal addition to
EverQuote as we deepen our role in the distribution of insurance
products while easing the effort and complexity for consumers to
protect life’s most important assets — their family, property and
future at an affordable price.”
With a decade of experience in the health insurance market,
Crosspointe has grown its practice by developing best-in-class
business processes to provide consumers with high-quality,
personalized shopping experiences and leveraging its deep sector
expertise to continually adapt its product offerings to a
constantly changing healthcare environment. Health insurance,
similar to other verticals, is going through a transformation from
offline to online distribution. That transformation demands
investment in AI and data-driven experiences that retain the care
of a trusted agent while delivering the ease of purchase found with
online and mobile platforms.
"EverQuote’s leading technology and strong reputation in the
insurance market complements what we have built and grown at
Crosspointe over the last decade,” said Josh Mushlock, Co-Founder
of Crosspointe. “EverQuote shares our passion for driving
innovation in the insurance industry by partnering with providers
to deliver a better shopping experience to consumers.”
“Crosspointe is very excited about the opportunity to partner
with EverQuote’s data and tech-centric culture to help bring our
offerings to a broader range of consumers who are increasingly
looking online for insurance,” continued Drew Shockley, Co-Founder
of Crosspointe. “Together we are uniquely positioned to address the
growing diversity of products in the individual and family health,
Medicare, and ancillary health product categories, with consumers’
desire for thoughtful guidance in unified destination advisory and
distribution platforms.”
The acquisition is expected to close by the end of the third
quarter subject to customary closing conditions, and EverQuote
intends to fund the acquisition through cash on its balance sheet.
Please reference EverQuote’s Q2 2020 earnings release and
conference call for more details regarding the transaction.
About EverQuoteEverQuote 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 use 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 @EverQuoteInsure.
About Crosspointe Crosspointe is a sales and
decision support contact center that connects consumers to the
highest quality healthcare insurance in a customer-centric
environment and serves the individual and family health, Medicare,
and ancillary health product markets. The company’s mission is to
make health coverage simple and clear for consumers.
Safe Harbor StatementAny statements in this
press release about future expectations, plans and prospects for
EverQuote, Inc. (“EverQuote” or the “Company”), including
statements about the expected consummation of the Company’s
acquisition of Crosspointe, 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) satisfaction of applicable closing
conditions; (2) the Company’s ability to attract and retain
consumers and insurance providers using the Company’s marketplace;
(3) the Company’s ability to maintain or increase the amount
providers spend per quote request; (4) the impact on the Company
and the insurance industry of the COVID-19 pandemic; (5) the
effectiveness of the Company’s growth strategies and its ability to
effectively manage growth; (6) the Company’s ability to maintain
and build its brand; (7) the Company’s reliance on its third-party
service providers; (8) 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; (9) the impact of competition in the Company’s
industry and innovation by the Company’s competitors; (10) the
Company’s expected use of proceeds from its initial public
offering; (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.
Investor Relations Contact:Brinlea
Johnson The Blueshirt
Group212-331-8424Brinlea@blueshirtgroup.com
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