ANGI Homeservices

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ANGI Homeservices, Inc.
Type of businessPublic
Traded asNASDAQANGI (Class A)
Founded1995
HeadquartersDenver, Colorado[1]
OwnerIAC
Founder(s)William S. Oesterle, Angie Hicks
Key peopleBrandon Ridenour, CEO[2]
IndustryInternet Content & Information [2]
ServicesOnline marketplace, Review site
RevenueIncrease US$1.132 billion (2018)[3]
Operating incomeIncrease US$142.035 million (2018)[3]
Net incomeIncrease US$ 77.507 million (2018)[3]
Employees4,500 [2]
SubsidiariesAngie's List, HomeAdvisor
Websitewww.angihomeservices.com

ANGI Homeservices Inc. is an internet services company formed in 2017 by the merger of Angie's List and HomeAdvisor.[4] The company has its earliest roots in American home services website Angie's List, founded in 1995 as an online directory that allows users to read and publish crowd-sourced reviews of local businesses and contractors.

For the quarter ending on June 30, 2018, ANGI reported total revenue of US$1,132,000,000 and a net income of US$77,507,000.[5] On May 1, 2017, The Wall Street Journal reported that IAC planned to buy Angie's List. By September 2017 the new publicly traded company was called ANGI Homeservices Inc.[6] Shares started trading in early October, 2017.[7]

History[edit]

William S. Oesterle and Angie Hicks founded Angie's List in 1995. The idea resulted from Hicks's search for a reliable construction contractor in suburban Columbus, Ohio, on behalf of Oesterle, a venture capitalist who was Hicks's boss. Hicks moved to Columbus to join Oesterle in creating Columbus Neighbors, a call-in service and publication with reviews of local home and lawn care services. The name and concept were based on Unified Neighbors in Indianapolis, Indiana. Hicks went door-to-door, signing up consumers as members and collecting ratings of local contractors.

After Hicks recruited over 1,000 members in Columbus within one year, she turned to Oesterle to raise money from investors to develop the business.[8] In 1996, the company bought Unified Neighbors from its creator and moved the company's headquarters to Indianapolis.

HomeAdvisor, launched as ServiceMagic, was founded in 1998 by Rodney Rice and Michael Beaudoin who were part of the founding management team of Einstein Bros Bagels.[9] In 2004, InterActive Corp (NASDAQ: IAC) acquired the website for an undisclosed price.[10]

On July 22, 2004, IAC acquired ServiceMagic.[11]

In October 2008, ServiceMagic acquired the French business 123Devis.com and Travaux.com, as well as UK business 123GetAQuote.co.uk to create ServiceMagic Europe. In March 2009, the UK business was rebranded as ServiceMagic.co.uk.[12]

In 2010, Angie's List raised a total of $25 million in capital from investors. In September 2010, Wasatch Funds and Battery Ventures invested $22 million.[13] In November 2010, Saints Capital led an additional funding of $2.5 million.[14]

In April 2011, Chris Terrill was hired as Chief Executive Officer of ServiceMagic.[15]

On November 17, 2011, Angie's List began trading on the NASDAQ exchange under the ticker symbol ANGI. It priced 8.8M shares at $13 and opened for trading at $18, a 33% premium.[16]

In 2012, SeviceMagic changed its name to HomeAdvisor.[17]

In 2013, Angie's List investors worried that the company had been in business for more than 18 years, yet never had shown an annual profit, and that valuations of the company were unrealistic based on the actual revenue the company produces.[18] But by 2015 growth estimates indicate a significant earnings-per-share growth, with a long-term growth rate at 19%. Combine this with stock estimates rising in 2015 by 13.3%, some Securities research firms such as Zacks Investment Research indicated ANGI is well-positioned for future earnings growth.[19]

In 2013, HomeAdvisor acquired Werkspot.nl, the leading Dutch home improvement platform.[15] In 2014,[20] Werkspot.nl opens her twin company in Italy: Instapro.[21]

In 2014, Angie's List Inc. paid $2.8 million to settle a lawsuit alleging that it automatically renewed members at a higher rate than they were led to believe.[22]

By 2015, HomeAdvisor had achieved more than $300 million in annual revenue, been used by more than 30 million homeowners, had nearly 100,000 pre-screened service professionals in its network and almost 3 million verified reviews.[23]

In July 2016, Angie's List was made a freemium service; the basic membership tier, which includes access to more than 10 million reviews, was made free, alongside subscription tiers offering additional functionality.[24][25]

In 2016, HomeAdvisor acquired the German home services company, MyHammer.[26]

In August 2016, Angie's List has agreed to settle three lawsuits for a payment of $1,400,000. The class action lawsuits focused on Angie's List's acceptance of advertising payments from service providers, and whether those payments affect service providers’ letter-grade ratings, reviews, and place in search-result rankings. Angie's List denies plaintiffs’ claims, but disclosed that revenue from service providers can affect the order of search-result rankings of the service provider under certain settings. Moore vs. AngiesList.[27]

In 2017, Angie's List announced in a press release that they had 2 million subscribers in the year 2013.[28] In August 2015, it reported 3.2 million paid members.[29]

In 2017, HomeAdvisor acquired Canada’s leading home services platform, HomeStars,[30] and MyBuilder, the UK's leading home services platform connecting homeowners and tradesmen.[31]

On May 2, 2017, IAC/InterActiveCorp announced that it had agreed to acquire Angie's List for $781.4 million. [1]

On October 2, 2017, IAC merged Angie's List and HomeAdvisor, renaming the merged company to ANGI Homeservices, retaining Angie's List ticker symbol and stock history.[24][32]

In October 2018, ANGI bought Handy for $165.5 million.[1]

In March 2019, ANGI moved its corporate headquarters to Denver, Colorado.[1]

References[edit]

  1. ^ a b c d "ANGI Homeservices 2018 Annual Report". Retrieved August 29, 2019.
  2. ^ a b c "ANGI Homeservices Inc. (ANGI)". Yahoo Finance. Retrieved August 29, 2019.
  3. ^ a b c "ANGI Homeservices Inc. (ANGI) - Profile". Yahoo Finance. Retrieved August 29, 2019.
  4. ^ "Golden-based HomeAdvisor completes purchase of Angie's List, goes public, grows 33 percent in a day". Retrieved August 28, 2019.
  5. ^ [1], Yahoo Finance, August 23, 2016
  6. ^ Jamerson, Joshua. "IAC Plans to Buy Angie's List". Wall Street Journal. Retrieved May 3, 2017.
  7. ^ Avery, Greg (October 2, 2017). "Colorado's HomeAdvisor and Angie's List combine into new public company". Denver Business Journal. Retrieved May 3, 2019.
  8. ^ Evans, Teri (October 6, 2010). "No Free Stuff Here: At Angie's List, Members Pay". Wall Street Journal. Retrieved August 2, 2011.
  9. ^ Perez, Sarah (January 21, 2016). "Waldo Raises $5 Million For A Photo-Finding Platform Targeting Professional Photographers & Events". TechCrunch.
  10. ^ "IAC/InterActiveCorp Acquires ServiceMagic, Inc". IAC. July 22, 2004.
  11. ^ "IAC/InterActiveCorp Acquires ServiceMagic, Inc". IAC. July 22, 2004. Retrieved October 28, 2015.
  12. ^ "IAC's ServiceMagic Buys Market Hardware". BIA Kelsey. January 29, 2009.
  13. ^ Merino, Faith (September 21, 2010). "Angie's List strikes big with $22M". VatorNews.
  14. ^ Merino, Faith (November 11, 2010). "Angie's List raises $2.5M adding to $22.5M". VatorNews.
  15. ^ a b Ruth, Joao-Pierre (September 13, 2016). "HomeAdvisor CEO: The Marketplace for Home Services Is 'Operationally Intense'". StreetFight.
  16. ^ "Angie's List gains 25% in IPO". CNN. November 17, 2011.
  17. ^ "Golden's ServiceMagic becomes HomeAdvisor in risky rebranding strategy". Denver Post. September 28, 2012.
  18. ^ "Angie's List: Worth $9 Based On Expected Lifetime Member Value In 2015". Seekingalpha.com. October 26, 2013. Retrieved October 18, 2014.
  19. ^ "Why Angie's List (ANGI) Could Be an Impressive Growth Stock". zacks.com. October 28, 2015. Retrieved October 28, 2015.
  20. ^ "Instapro si accredita in Italia come leader dei marketplace di servizi per la casa". Adnkronos. Retrieved November 11, 2019.
  21. ^ "Instapro - Confronta Preventivi e Imprese per Lavori in Casa". www.instapro.it. Retrieved November 11, 2019.
  22. ^ "Angie's List to pay $2.8M in membership-fee settlement". Ibl.com. Retrieved October 18, 2014.
  23. ^ Moorhead, Patrick (July 15, 2015). "lAC's HomeAdvisor Is One To Watch In The Growing "Humans As A Service" (HaaS) Business". Forbes.
  24. ^ a b "Golden-based HomeAdvisor completes purchase of Angie's List". Denver Post. Retrieved October 2, 2017.
  25. ^ Mercado, Darla (July 13, 2016). "Need a plumber? Angie's List reviews are now free". CNBC. Retrieved July 27, 2016.
  26. ^ Chuang, Tamara (October 16, 2016). "HomeAdvisor expands to Germany with purchase of MyHammer". Denver Post.
  27. ^ "Moore v. Angie's List - Home". www.moorevalsettlement.com. Retrieved August 30, 2016.
  28. ^ Tamborello, Joe (January 16, 2017). "Angie's List boasts 5 million members, growth". Indianapolis Star.
  29. ^ Kopytoff, Verne. "Angie's List names former Best Buy executive as CEO". Fortune. Retrieved September 9, 2015.
  30. ^ Avery, Greg (2017). "HomeAdvisor buys Canada's big home improvement site". Denver Business Journal.
  31. ^ McCaffrey, Erin (March 27, 2017). "HomeAdvisor buys UK home services marketplace MyBuilder". Seeking Alpha.
  32. ^ "Merger Proposal". ANGI Homeservices. Retrieved August 28, 2019.

External links[edit]