Company Positioned to Capitalize on Growth in the Health Insurance Vertical
CAMBRIDGE, Mass., Sept. 02, 2020 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced that it has completed the previously announced acquisition of Crosspointe Insurance & Financial Services, LLC, a leading health insurance agency headquartered in Evansville, Indiana. The transaction closed yesterday and was funded through cash on the balance sheet.
For additional details on the transaction, please refer to the press release distributed by EverQuote on August 4, 2020 and Q2 2020 earnings conference call.
“We are excited to welcome Josh, Drew and the entire Crosspointe team to EverQuote. They share our passion for driving innovation and our cultural roots in bootstrapping, heart, tenacity, and data-driven optimization,” said Seth Birnbaum, CEO of EverQuote. “With today’s closing, EverQuote is well-positioned to accelerate and expand our opportunity in the health insurance market, by providing insurance shoppers with a broader range of health insurance products through access to a greater number of carrier partners, and an improved and more personalized customer buying experience. The acquisition broadens EverQuote’s access to the $130 billion commission TAM component of overall insurance distribution spend shifting online, and we expect it will increase revenue per quote request in our health insurance vertical, further growing and diversifying our company’s revenues.”
About EverQuote
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 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 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) developments regarding the insurance industry and the transition to online marketing; and (11) 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 Group
212-331-8424
Brinlea@blueshirtgroup.com
Source: EverQuote, Inc.