Insurance Acquisition Corp., a subsidiary of Cleveland-based IPA 100 firm Cohen & Company, will merge with automotive e-commerce firm Shift Technologies Inc. of San Francisco.
Founded in 2013, Shift uses proprietary technology to deliver a comprehensive and seamless experience for both car buyers and sellers, including listings, test drives, paperwork, financing and more. When the deal is completed in the third quarter of this year, Shift’s existing management team will lead the combined entity, which will operate under the name Shift Technologies Inc.
“We are excited to partner with Shift and its world-class management team as it leverages its technology platform to disrupt the $840+ billion used car market,” says Insurance Acquisition Corp. board chairman Daniel Cohen. “With its tremendous, ongoing success in its core markets, we believe that this merger and its accompanying capital infusion will enable Shift to expand its product offerings and execute on its growth strategies.”