EverQuote Announces Completion of Acquisition of PolicyFuel

About this update from Everquote, Inc.

[{"type":"text","content":"CAMBRIDGE, Mass., Aug. 16, 2021 (GLOBE NEWSWIRE) -- 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 indu...

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