Formerly | ANGI Homeservices Inc. |
---|---|
Company type | Public |
Nasdaq: ANGI (Class A) | |
Industry | Internet Content & Information |
Founded | 1995 |
Founder |
|
Headquarters | , United States |
Key people | Jeff Kip (CEO) |
Services | |
Revenue | US$1.132 billion (2018) |
US$142.035 million (2018) | |
US$ 77.507 million (2018) | |
Owner | IAC (3%) |
Number of employees | 4,500 |
Subsidiaries | |
Website | ir |
Footnotes /references [1] [2] |
Angi Inc. (formerly ANGI Homeservices Inc.) is an internet services company formed in 2017 by the merger of Angie's List and HomeAdvisor. [3] 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. [4] 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. [5] Shares started trading in early October, 2017. [6]
In March 2019, Angi moved its corporate headquarters to Denver, Colorado. [1]
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. [7]
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. [8] 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. [9]
In 1996, the company bought Unified Neighbors from its creator and moved the company's headquarters to Indianapolis.
In 1998, ServiceMagic was founded by Rodney Rice and Michael Beaudoin who were part of the founding management team of Einstein Bros Bagels. [10] In 2004, IAC acquired the website for an undisclosed price. [11]
On July 22, 2004, IAC acquired ServiceMagic. [12] 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. [13]
In 2012, the firm changed its name to HomeAdvisor. [14]
In 2013, HomeAdvisor acquired Werkspot.nl, the leading Dutch home improvement platform. [15] In 2014, [16] Werkspot.nl opens her twin company in Italy: Instapro. [17]
By 2015, the firm 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. [18]
In 2016, HomeAdvisor acquired the German home services company, MyHammer. [19] In 2017, it acquired Canada's leading home services platform, HomeStars, [20] and MyBuilder, the UK's leading home services platform connecting homeowners and tradesmen. [21]
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. [22] In November 2010, Saints Capital led an additional funding of $2.5 million. [23] On November 17, 2011, the firm 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. [24]
In July 2016, Angie's List was made a freemium service; the basic membership tier, with access to more than 10 million reviews, was made free, alongside subscription tiers offering additional functionality. [25] [26]
On October 2, 2017, IAC announced that it had agreed to acquire Angie's List for $781.4 million. [1] and it merged Angie's List and HomeAdvisor, renaming the merged company to ANGI Homeservices, retaining Angie's List ticker symbol and stock history. [25] [27]
In October 2018, ANGI Homeservices bought Handy for $165.5 million. [1] In March 2021, Angie's List changed its name to Angi, and ANGI Homeservices Inc. changed its name to Angi Inc. [28]
In May 2023, William Oesterle, who co-founded the company with Angie Hicks, died. [29]
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. [30]
In August 2016, HomeAdvisor has agreed to settle three lawsuits for a payment of $1,400,000. The class action lawsuits focused on HomeAdvisor acceptance of advertising payments from service providers, and whether those payments affect service providers’ letter-grade ratings, reviews, and place in search-result rankings. HomeAdvisor 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). [31]
IAC Inc. is an American holding company that owns brands across 100 countries, mostly in media and Internet. The company is incorporated under Delaware General Corporation Law and headquartered in New York City. Joey Levin, who previously led the company's search and applications segment, has served as chief executive officer since June 2015.
BMC Software, Inc. is an American multinational information technology (IT) services and consulting, and Enterprise Software company based in Houston, Texas.
The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. PNC Bank is on the list of largest banks in the United States by assets and is one of the largest banks by number of branches, deposits, and number of ATMs.
Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois, and was founded in 1984. It provides an array of investment research and investment management services.
Expedia Group, Inc. is an American travel technology company that owns and operates travel fare aggregators and travel metasearch engines, including Expedia, Hotels.com, Vrbo, Travelocity, Hotwire.com, Orbitz, Ebookers, CheapTickets, CarRentals.com, Expedia Cruises, Wotif, and Trivago. Over 3 million lodging facilities and flights on over 500 airlines are bookable on the company's websites. It has 16,500 employees, and its headquarters are located in Seattle, Washington.
Tripadvisor, Inc. is an American company that operates online travel agencies, comparison shopping websites, and mobile apps with user-generated content.
WideOpenWest is the eighth largest cable operator in the United States with their network passing 1.9 million homes and businesses. The company offers landline telephone, cable television, and broadband Internet services. As of November 3, 2022, WOW! has about 538,100 subscribers.
Perella Weinberg Partners L.P. is an American global financial services firm focused on investment banking advisory services.
Interactive Intelligence was a telecommunications software and cloud computing development company that provided unified business communications solutions for call centers, Voice over IP companies, and business process automation.
Lumen Technologies, Inc. is an American telecommunications company headquartered in Monroe, Louisiana, that offers communications, network services, security, cloud solutions, voice, and managed services. The company is a member of the Fortune 500 and has been on the S&P 500 index since 1999.
Qurate Retail, Inc., also known as Qurate Retail Group, is an American media conglomerate controlled by company chairman John C. Malone, who owns a majority of the voting shares.
Care.com is an online marketplace for families to find childcare, senior care, care for those with special needs, care for home, tutoring support and pet care. It is also a two-sided marketplace allowing caregivers to find jobs. Through its enterprise arm, Care for Business, the company provides employers with caregiving benefits for their employees. Enterprise clients include Google, Facebook, Starbucks and BestBuy.
HomeAdvisor is a digital marketplace that connects homeowners with local service professionals to carry out home improvement, maintenance, and remodeling projects.
Chris Terrill is an American businessman and former chief executive officer of ANGI Homeservices.
Handy Technologies, Inc. is an online two-sided marketplace for residential cleaning, installation, and other home services. Founded in 2012 in Cambridge, Massachusetts, the now New York–based company operates services in United States, United Kingdom, and Canada. The company was acquired by ANGI Homeservices in October 2018.
Birch Communications was an American provider of IP-based communications, network broadband, cloud computing, and information technology services to small, mid-sized, enterprise and wholesale business customers in the United States, Canada and Puerto Rico. It was acquired by Fusion Connect in 2018 and integrated into the company. Founded in 1996 in the wake of the 1996 Telecommunications Act, several years later the company began acquiring other telecom companies in an effort to increase its network size and service offerings. Birch Communications raised $77.5 million in funding in 2011, and $110 million in funding in 2012 after it financed a new $90 million facility.
Zeta Global Holdings Corp. is a data-driven marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships.
Angie Hicks is the Chief Customer Officer of ANGI Homeservices Inc. and the co-founder of Angie's List.
Angi is an American home services website owned by Angi Inc., a publicly-traded subsidiary of IAC. Founded in 1995 by Angie Hicks and William S. Oesterle, it allows users to search for contractors to provide paid home improvement work.