GlobeNewswire Inc | Aug 4, 2020 04:06PM EDT

August 04, 2020

CAMBRIDGE, Mass., Aug. 04, 2020 (GLOBE NEWSWIRE) -- 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 EverQuotes 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 EverQuotes ability to access the $130 billion commission TAM component of the overall insurance distribution spend, shifting online.

"Crosspointes agency expertise and carrier relationships, combined with EverQuotes 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 lifes 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.

"EverQuotes 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 EverQuotes 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 EverQuotes 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 assetstheir 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, visitEverQuote.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 companys 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 Companys 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 Companys ability to attract and retain consumers and insurance providers using the Companys marketplace; (3) the Companys 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 Companys growth strategies and its ability to effectively manage growth; (6) the Companys ability to maintain and build its brand; (7) the Companys reliance on its third-party service providers; (8) the Companys ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and the Companys ability to successfully monetize them; (9) the impact of competition in the Companys industry and innovation by the Companys competitors; (10) the Companys 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 Companys 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 Companys views as of the date of this press release. The Company anticipates that subsequent events and developments will cause the Companys 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 Companys views as of any date subsequent to the date of this press release.

Investor Relations Contact:Brinlea JohnsonThe Blueshirt Group212-331-8424Brinlea@blueshirtgroup.com