Salty Dot Inc., the embedded insurance technology company, has acquired Purple Insurance.
Salty expects the transaction will further drive its product-first strategy, speeding up the in-dealership sales process while delivering value to customers. In addition to its technology, Purple brings 42 contracted auto dealerships that will become Salty distribution partners.
“It was always Purple’s dream to offer an end-to-end technology solution while being both dealer and customer-focused, and we achieved that by teaming up with Salty,” said Jim Maxfield, founder of Purple Insurance. “Together, we speed the sales process through a technology platform that eases the auto insurance experience, unlocking opportunities for existing Purple and Salty partners.”
Along with the purchase of Purple’s assets, Maxfield will become Salty’s chief sales officer, initially focused on embedded insurance opportunities undertaken at the point of sale for the wheels vertical.
“I am excited to welcome Jim to the Salty team,” said James Hall, founder and CEO of Salty. “There is enormous potential for Embedded Insurance in the automotive market and beyond. The acquisition of Purple Insurance not only accelerates our technology capabilities as a product-first company but also further enhances the user experience.”