North Carolina’s Red Ventures Buys HomeInsurance.com

Charlotte, North Carolina-based technology firm Red Ventures has acquired the online homeowners insurance site, HomeInsurance.com.

HomeInsurance.com, based in Wilmington, N.C., offers competitive quotes on home insurance from Travelers, Hartford, Safeco, Foremost, Progressive and other insurers.

Red Ventures said the acquisition of the online insurance agency is part of its strategy of expanding into new industries. The acquisition will increase the size of Red Ventures’ workforce by more than 10 percent, and adds a fourth location to its existing campuses in South Carolina, Texas and Florida.

“This acquisition builds on our current success and will allow us to introduce our expertise into the insurance category,” said Red Ventures CEO Ric Elias. “The industry is both complementary to our business model and aligns with our core competencies.”

Red Ventures partners with brands to help them acquire customers. Its partners include companies in different industries including entertainment, data and internet, small business services, security, energy and software services. The company uses proprietary technology to market and sell services through a variety of online and offline channels.

Red Ventures said it has experienced more than 50 percent growth every year for the past three years, and has tripled its employee base during the same window. Founded in 2000 by Ric Elias and Dan Feldstein, Red Ventures said it currently employs more than 1,400 people in four locations.