The company will be combining with MDH Acquisition Corp. The new combined company will be called Olive.com. It will join Olive’s digital vehicle protection plan platform with PayLink’s payment services operation.
Olive, the release notes, has seen rapid growth with 144.5 percent growth in net premium since the last four quarters.
PayLink Direct, meanwhile, has a “15-year track record” of profitability.
The press release says the combined company has a 2020 Adjusted EBITDA of $35.5 million and net income of $13.5 million.
In addition, the release says Olive.com has a $260 billion total marketing opportunity, including numbers from before, during and coming out of the pandemic.
“We will continue our relentless focus on reaching consumers on their terms, and on serving vehicle owners and our valued business to business clients across the U.S. and Canada with our industry leading sales, marketing and payment solutions,” said Rebecca Howard, founder and CEO of Olive.com. “We are growing our business by putting the needs of consumers first and empowering them to find affordable, transparent and user-friendly solutions for vehicle protection plans. I am so honored to lead our team of dedicated professionals who are deeply committed to our values and mission to help consumers find the solutions they need.”
PayLink, which was founded in 2006 by Howard, will now be a division of Olive.com. Howard, after the companies complete the combination, will be the CEO of the combined company.
In terms of vehicle protection, online insurance platform and pay-per-mile vehicle insurer Metromile and Hippo Insurance Services, which offers home insurance, have also announced a collaboration for a multipolicy discount for both auto and homeowners’ insurance. With bundled services, users will be able to buy pay-per-mile auto insurance from Metromile and homeowners insurance from Hippo, the PYMNTS report says.