From the FB group today.
and…
So it looks like LaunchPad and RFE might be involved.
It looks like LaunchPad has a similar buisness model to Porch.
This is from May 29th 2024 - Spectora Announces Exclusive Technology Partnership with LaunchPad Home Group [Press Release]
Look, we’re all living on this little ball that is spinning through the universe. If a Martian was flying by and was describing it to another Martian on the other side of the galaxy, he would accurately describe earth this way:
“It’s a planet with humans who are swimming in oil and fiat currency.”
But unlike oil which can just sit there until needed… all this money on earth has to go somewhere. It just can’t sit there. “Sitting there” is the worst use of money. So we have what we have with Spectora. Such is planet earth. We’re not just swimming in money, we’re drowning in it. That’s how much there is out there.
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I agree, but just imagine how many coats for cold kids and meals for hungry people just half of that 44M would help.
But more power to them, I’m sure they deserve it.
What does this $44 million refer to anyway?
That’s what Nick said they sold Spectora for.
Oh. Interesting. I missed that post but scrolled up and sure as shat, there it is.
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It’s probably fair price. $44 million divided by two brothers is $22 million. After taxes each one clears $13 million. Using the 3% rule to preserve principal, they can each take out about $400K. which is about what they were probably already making per year.
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Yeah, I have no idea on what the business could be worth, but I will take your word for it. I would probably sell also, lol.
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Can’t believe NACHI hasn’t developed the mother of all reporting softwares, yet.
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Yeah, before Kamala enacts an unrealized gains tax and you have to pay tax on stuff you haven’t sold yet.
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Plus they would get $6,000,000 in annual subscription fees, eh?
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That’s one of three income sources they could be generating. The new owners will very likely monetize the other two.
It’s way more than that I bet. Probably half of the users use Spectora “Advanced” which has a per-inspection fee added to the base. Also, they get a cut of money transaction fees.
And I also think the 6k user number might be low. But if Nick talked to the new owners, I guess that should be accurate.
So, $9,000,000 for that part.
My thinking is that there are three possible income streams from Spectora: the sales to inspectors (Spectora was doing that of course), the credit card processing fees (they started doing that), and the monetization of data (they’ll now do that).
You don’t pay $44 million just to sell inspection software.
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Now let’s look at it from the buyer’s side. They are likely sitting on piles of cash from investors who are all screaming “Do something with it!” Again, all this money on planet earth has to go somewhere, anywhere besides sitting still which slow kills it through a debasement of purchasing power.
I suppose, something like that.
Then let’s just do some math here.
Let’s say 6k users, each doing 20 inspections per month with an average $500 inspection fee.
I have no idea Spectora’s cut of the money exchange, but let’s just say they get 0.5% of all money passing through their system (payments made to inspectors).
If I did that right, that’s another 3.6 million a year.
I’m trying to think of any other revenue sources they might have (as of now, that we know about) but my brain is a bit slow after being on vacay for the last week.
Nick, what is holding Porch back from really making strides with all the inspector data they collect? Is it just market timing? Will they ever make real money on it? What’s your opinion?