Angi Inc.

Last updated

Angi Inc.
FormerlyANGI Homeservices Inc.
Company type Public
Nasdaq:  ANGI (Class A)
IndustryInternet Content & Information
Founded1995;29 years ago (1995)
Founder
Headquarters
Denver, Colorado
,
United States
Key people
Joey Levin (CEO)
Services
RevenueIncrease2.svg US$1.132 billion (2018)
Increase2.svg US$142.035 million (2018)
Increase2.svg US$ 77.507 million (2018)
Owner IAC (3%)
Number of employees
4,500
Subsidiaries
Website ir.angi.com
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.

Contents

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]

History

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]

HomeAdvisor

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]

Angi

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]

Lawsuits

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]

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References

  1. 1 2 3 4 "ANGI Homeservices 2018 Annual Report" . Retrieved August 29, 2019.
  2. ↑ "ANGI Homeservices Inc. (ANGI)". Yahoo Finance. Retrieved August 29, 2019.
  3. ↑ "Golden-based HomeAdvisor completes purchase of Angie's List, goes public, grows 33 percent in a day". October 2, 2017. Retrieved August 28, 2019.
  4. ↑ Yahoo Finance, August 23, 201
  5. ↑ Jamerson, Joshua. "IAC Plans to Buy Angie's List". The Wall Street Journal . Retrieved May 3, 2017.
  6. ↑ Avery, Greg (October 2, 2017). "Colorado's HomeAdvisor and Angie's List combine into new public company". Denver Business Journal. Retrieved May 3, 2019.
  7. ↑ Evans, Teri (October 6, 2010). "No Free Stuff Here: At Angie's List, Members Pay". Wall Street Journal. Retrieved August 2, 2011.
  8. ↑ "Angie's List: Worth $9 Based On Expected Lifetime Member Value In 2015". Seekingalpha.com. October 26, 2013. Retrieved October 18, 2014.
  9. ↑ "Why Angie's List (ANGI) Could Be an Impressive Growth Stock". zacks.com. October 28, 2015. Archived from the original on December 22, 2015. Retrieved October 28, 2015.
  10. ↑ Perez, Sarah (January 21, 2016). "Waldo Raises $5 Million For A Photo-Finding Platform Targeting Professional Photographers & Events". TechCrunch.
  11. ↑ "IAC/InterActiveCorp Acquires ServiceMagic, Inc". IAC. July 22, 2004.
  12. ↑ "IAC/InterActiveCorp Acquires ServiceMagic, Inc". IAC. July 22, 2004. Retrieved October 28, 2015.
  13. ↑ "IAC's ServiceMagic Buys Market Hardware". BIA Kelsey. January 29, 2009.
  14. ↑ "Golden's ServiceMagic becomes HomeAdvisor in risky rebranding strategy". Denver Post. September 28, 2012.
  15. ↑ Ruth, Joao-Pierre (September 13, 2016). "HomeAdvisor CEO: The Marketplace for Home Services Is 'Operationally Intense'". StreetFight.
  16. ↑ "Instapro si accredita in Italia come leader dei marketplace di servizi per la casa". Adnkronos. Retrieved November 11, 2019.
  17. ↑ "Instapro - Confronta Preventivi e Imprese per Lavori in Casa". www.instapro.it. Retrieved November 11, 2019.
  18. ↑ Moorhead, Patrick (July 15, 2015). "lAC's HomeAdvisor Is One To Watch In The Growing "Humans As A Service" (HaaS) Business". Forbes.
  19. ↑ Chuang, Tamara (October 16, 2016). "HomeAdvisor expands to Germany with purchase of MyHammer". Denver Post.
  20. ↑ Avery, Greg (2017). "HomeAdvisor buys Canada's big home improvement site". Denver Business Journal.
  21. ↑ McCaffrey, Erin (March 27, 2017). "HomeAdvisor buys UK home services marketplace MyBuilder". Seeking Alpha.
  22. ↑ Merino, Faith (September 21, 2010). "Angie's List strikes big with $22M". VatorNews.
  23. ↑ Merino, Faith (November 11, 2010). "Angie's List raises $2.5M adding to $22.5M". VatorNews.
  24. ↑ "Angie's List gains 25% in IPO". CNN. November 17, 2011.
  25. 1 2 "Golden-based HomeAdvisor completes purchase of Angie's List". Denver Post. October 2, 2017. Retrieved October 2, 2017.
  26. ↑ Mercado, Darla (July 13, 2016). "Need a plumber? Angie's List reviews are now free". CNBC. Retrieved July 27, 2016.
  27. ↑ "Merger Proposal". ANGI Homeservices. Retrieved August 28, 2019.
  28. ↑ Monica, Paul R. La (March 17, 2021). "Angie's List changes its name in a complete rebranding | CNN Business". CNN. Retrieved March 26, 2022.
  29. ↑ Slotnik, Daniel E. (May 14, 2023). "Bill Oesterle, Co-Founder of Angie's List, Dies at 57". New York Times. Retrieved May 14, 2023.
  30. ↑ "HomeAdvisor to pay $2.8M in membership-fee settlement". Ibl.com. Retrieved October 18, 2014.
  31. ↑ "Moore v. Angie's List - Home". www.moorevalsettlement.com. Retrieved August 30, 2016.
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