CHICAGO--(BUSINESS WIRE)--olive.com™ (“olive.com” or the “Company”), the leader in payment services and online vehicle protection plans, announced today the expansion of its industry-leading digital capabilities with the acquisition of Uproar.car, a pioneering fintech company, with an advanced AI product selection technology.
This acquisition will enhance olive.com’s digital platform, which lets consumers buy direct and 100% online, giving them access to an assortment of coverage and deductible options that are convenient, fit their budget, and are operable in minutes, with no inspection or waiting period.
Uproar.car Co-Founders Mauricio Cuevas and Alejandro Cabrera will join olive.com as Chief Innovation Officer and Chief Experience Officer, respectively, along with members of their team who will continue to expand olive.com’s digital product strategy and superior customer experience.
“This is such an exciting growth moment for olive.com, and we’re glad to have found a partner whose mission aligns so naturally with our own,” said Rebecca Howard, Founder and CEO of olive.com. “Mauricio and Alejandro are experienced tech entrepreneurs, having previously founded BevyUp, a digital selling platform that enables communication between sales associates and customers, which was acquired by Nordstrom in March 2018. Adding such high-caliber leaders and technology will allow our combined team to continue to build the best technology platform for our growing consumer base.”
“olive.com is an incredible company with a great product and a passionate team,” said Cabrera. “Together we will work to transform the way people think about, purchase and utilize mechanical breakdown coverage, by leveraging best-in-class technology with an incredible product.”
“After purchasing an extended warranty for a vehicle, we realized how opaque and inefficient the current marketplace is,” said Cuevas. “Partnering with olive.com will allow us to provide our customers a modern and enhanced way to protect their cars with a sophisticated end-to-end digital experience.”
The acquisition will also increase olive.com’s reach and distribution network through the integration of Uproar.car’s API via partnerships and affiliates.
olive.com, the leader in payment services and online vehicle protection plans, was built to give customers peace of mind. Vehicle protection plans cover mechanical failure of the vehicle after the manufacturer’s warranty has expired. With olive.com, consumers are now able to buy a vehicle protection plan direct, with no pressure, from the comfort of their home. olive.com offers a range of coverage and deductible options to suit any budget, and their products are approachable, affordable, transparent and user-friendly – real choice, all digital at any time day or night. Founded in 2006 and headquartered in Chicago, Illinois, olive.com products, customer service, and reputation for excellence have earned it an A+ rating with the Better Business Bureau (BBB) and partnerships with leading insurance companies and globally recognized brands. For more information, please visit https://olive.com/.
Certain statements in this communication, which are not historical facts, may be considered forward-looking statements. For example, estimations of potential addressable market size and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could prevent the acquisition from closing on schedule or at all; (2) the outcome of any legal proceedings related to the acquisition and any definitive agreements with respect thereto; (3) the ability of the Company to recognize the anticipated benefits of the acquisition, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (5) costs related to the acquisition; (6) changes in applicable laws or regulations; (7) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (8) the Company’s estimates of expenses and profitability; and (9) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s filings with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company does not undertake any duty to update these forward-looking statements.