Angie's List Acquisition Complete

Posted: Updated:
Angie Hicks will serve as chief customer officer and board member for ANGI Homeservices. Angie Hicks will serve as chief customer officer and board member for ANGI Homeservices.
INDIANAPOLIS -

New York-based IAC (Nasdaq: IAC) has completed its acquisition of Indianapolis-based Angie's List Inc. The online home services company has now merged with IAC subsidiary HomeAdvisor to become ANGI Homeservices Inc. (Nasdaq: ANGI). 

The closing of the acquisition follows a Friday vote by Angie's List shareholders. The deal, which was originally announced in May, was valued at up to $500 million, though a final total was not immediately released.

IAC says the combined 12-month revenue of Angie's List and HomeAdvisor exceeded $890 million as of second quarter 2017. The company expects an annual revenue growth rate of 20 to 25 percent over the next five years.

"The combination of these two powerful companies marks a tipping point for the home services category," said Chris Terrill, chief executive officer of ANGI Homeservices. "As spending on home improvement projects continues to rise, consumers and service pros will now have access to unprecedented scale and product breadth when it comes to matching the right jobs with the right expertise in a fast, efficient and seamless way. As a single company, we can now drive more product innovation and value across our combined marketplace, increase customer satisfaction across the board, and more rapidly grab share from our single biggest competitor in this underpenetrated market: word of mouth."

As a result of the acquisition's completion, Angie's List stock is no longer trading on the Nasdaq exchange. The combined company is now trading under the "ANGI" ticker symbol. ANGI Homeservices will be headquartered in Golden, Colorado but will maintain a presence in Indianapolis. Last month, Angie's List said approximately 230 Indy jobs would be cut after the acquisition is complete.

IAC also announced the addition of Suzy Welch, Alesia Haas, Yilu Zhao to the board of directors for ANGI Homeservices, bringing the total number of board members to 10. Angie's List co-founder Angie Hicks also serves on the board in addition to her role as Chief Customer Officer for the newly-created company.

You can view IAC's filing with the U.S. Securities and Exchange Commission detailing the completion of the acquisition by clicking here.

  • Perspectives

    • What’s Your Biggest Waste of Money?

      Americans are in the age of reducing waste. There’s a big push to purchase sustainable products, reduce our usage of plastics, and recycle. But has this trend carried over to our personal finances?  Not really.  In a study by The Ascent, the financial expertise arm of The Motley Fool, more than 60 percent of respondents felt they have wasteful financial tendencies. Why is that?

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • The IU School of Informatics, Computing and Engineering will now be named for Fred Luddy for his $60M gift. (photo courtesy James Brosher/IU)

      $60M Gift to Fund AI Center

      An Indiana University alumnus who founded the information technology firm, ServiceNow, has given his alma mater $60 million to establish an artificial intelligence center. The university says the gift from cloud-computing pioneer Fred Luddy is the second largest in the history of the IU.

    • The plant manufactured parts for the assembly of Ball Mason jars and other preserving containers. (photo courtesy WTHR-TV)

      Muncie Manufacturing Plant to Close

      A historic part of Muncie will soon be closing its doors. Our partners at WTHR-TV report New Jersey-based Newell Brands Inc. (NYSE: NWL) has decided to close its manufacturing facility in the Delaware County city, which produces parts for the assembly of Ball Mason jars. 

    • (photo courtesy Purdue University)

      Purdue Professor Pleads Guilty to $1.3M Fraud Case

      A Purdue University professor and his wife have pleaded guilty last week to using more than $1 million in federal research funds for their own personal expenses. Federal prosecutors say Qingyou Han of West Lafayette and his wife Lu Shao of Lakewood, Ohio pleaded guilty to a felony wire fraud charge in federal court in Hammond. 

    • POET ethanol co. announced in Aug 2019 it was closing the plant in Cloverdale. (photo courtesy: POET)

      Cloverdale Ethanol Plant Closes

      South Dakota-based POET LLC, the nation’s largest biofuels producer, is moving forward with a plan to shut down its biorefining plant in Cloverdale, leaving 50 Hoosiers without jobs effective Friday. The company tells Inside INdiana Business that it is not making any changes to the plans announced two months ago. 

    • (Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.)

      Shelbyville Unveils Major Downtown Redevelopment

      The city of Shelbyville is announcing what it calls a major downtown redevelopment project to boost overall quality of life. The project plans feature green spaces, increased parking, market-rate housing, and infrastructure for public entertainment and community events.