Angi Inc.
{{short description|US-based website containing crowd-sourced reviews of local businesses}}
{{redirect|ANGI|the Davey Graham instrumental|Anji (instrumental)|the main subsidiary formerly known as Angie's List|Angi}}
{{Use mdy dates|date=October 2015}}
{{Infobox company
| name = Angi Inc.
| hq_location_city = Denver, Colorado
| hq_location_country = United States
| founder = {{ubl|William S. Oesterle|Angie Hicks}}
| industry = Internet Content & Information
| services = {{ubl|Online marketplace|Review site}}
| revenue = {{increase}} US$1.132 billion
| owner = IAC (3%)
| footnotes = {{Cite web |url=http://ir.angihomeservices.com/static-files/aac6ae55-37e5-46ed-97f2-8d8573db096b |title=ANGI Homeservices 2018 Annual Report |access-date=29 August 2019}}{{Cite web |work=Yahoo Finance |url=https://finance.yahoo.com/quote/ANGI/profile/ |title=ANGI Homeservices Inc. (ANGI) |access-date=29 August 2019}}
| former_name = ANGI Homeservices Inc.
| company_type = Public
| traded_as = {{ubl|{{NASDAQ|ANGI}} (Class A)|S&P 600 component}}
| foundation = {{start date and age|1995}}
| key_people = Jeff Kip (CEO)
| revenue_year = 2018
| operating_income = {{increase}} US$142.035 million
| income_year = 2018
| net_income = {{increase}} US$ 77.507 million
| net_income_year = 2018
| num_employees = 4,500
| subsid = {{ubl|Angi|HomeAdvisor}}
| homepage = {{URL|https://ir.angi.com/}}
}}
Angi Inc. (formerly ANGI Homeservices Inc.) is an internet services company formed in 2017 by the merger of Angie's List and HomeAdvisor.{{cite web|title=Golden-based HomeAdvisor completes purchase of Angie's List, goes public, grows 33 percent in a day |date=October 2, 2017|url=https://www.denverpost.com/2017/10/02/homeadvisor-angies-list-merger-growth/|access-date=28 August 2019}} 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.[https://finance.yahoo.com/quote/ANGI/financials?ltr=1, Yahoo Finance, August 23, 201] 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.{{cite news |last=Jamerson |first=Joshua |title=IAC Plans to Buy Angie's List |url=https://www.wsj.com/articles/iac-plans-to-buy-angies-list-1493672055?tesla=y | work=The Wall Street Journal |access-date=May 3, 2017}} Shares started trading in early October, 2017.{{cite news |last1=Avery |first1=Greg |title=Colorado's HomeAdvisor and Angie's List combine into new public company |url=https://www.bizjournals.com/denver/news/2017/10/02/coloradoshomeadvisor-and-angies-list-combine-into.html |access-date=3 May 2019 |work=Denver Business Journal |date=2 October 2017}}
In March 2019, Angi moved its corporate headquarters to Denver, Colorado.
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.{{cite news
|last=Evans
|first=Teri
|title=No Free Stuff Here: At Angie's List, Members Pay
|work=Wall Street Journal
|date=October 6, 2010
|url=https://www.wsj.com/articles/SB10001424052748703843804575534493983291732
|access-date=August 2, 2011}}
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.{{cite web|url=http://seekingalpha.com/article/1776412-angies-list-worth-9-based-on-expected-lifetime-member-value-in-2015|title=Angie's List: Worth $9 Based On Expected Lifetime Member Value In 2015|date=October 26, 2013|publisher=Seekingalpha.com|access-date=October 18, 2014}} 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.{{cite web|url=http://www.zacks.com/stock/news/195456/why-angies-list-angi-could-be-an-impressive-growth-stock|title=Why Angie's List (ANGI) Could Be an Impressive Growth Stock|date=October 28, 2015|publisher=zacks.com|access-date=October 28, 2015|archive-url=https://web.archive.org/web/20151222095208/http://www.zacks.com/stock/news/195456/why-angies-list-angi-could-be-an-impressive-growth-stock|archive-date=December 22, 2015|url-status=dead}}
= 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.{{cite news|last=Perez|first=Sarah|date=January 21, 2016|title=Waldo Raises $5 Million For A Photo-Finding Platform Targeting Professional Photographers & Events|publisher=TechCrunch|url=https://techcrunch.com/2016/01/21/waldo-raises-5-million-for-a-photo-finding-platform-targeting-professional-photographers-events/}} In 2004, IAC acquired the website for an undisclosed price.{{cite news|date=July 22, 2004|title=IAC/InterActiveCorp Acquires ServiceMagic, Inc.|publisher=IAC|url=http://iac.com/media-room/press-releases/iacinteractivecorp-acquires-servicemagic-inc}}
On July 22, 2004, IAC acquired ServiceMagic.{{cite web|title=IAC/InterActiveCorp Acquires ServiceMagic, Inc.|url=https://www.iac.com/media-room/press-releases/iacinteractivecorp-acquires-servicemagic-inc|date=July 22, 2004|publisher=IAC|access-date=October 28, 2015}} 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.{{cite news|date=January 29, 2009|title=IAC's ServiceMagic Buys Market Hardware|publisher=BIA Kelsey|url=http://blog.biakelsey.com/index.php/2009/01/29/iacs-servicemagic-buys-market-hardware/}}
In 2012, the firm changed its name to HomeAdvisor.{{cite news|date=September 28, 2012|title=Golden's ServiceMagic becomes HomeAdvisor in risky rebranding strategy|work=Denver Post|url=https://www.denverpost.com/2012/09/28/goldens-servicemagic-becomes-homeadvisor-in-risky-rebranding-strategy/}}
In 2013, HomeAdvisor acquired Werkspot.nl, the leading Dutch home improvement platform.{{cite news|last=Ruth|first=Joao-Pierre|date=September 13, 2016|title=HomeAdvisor CEO: The Marketplace for Home Services Is 'Operationally Intense'|publisher=StreetFight|url=http://streetfightmag.com/2016/09/13/homeadvisor-ceo-the-marketplace-for-home-services-is-operationally-intense/}} In 2014,{{Cite web|url=https://www.adnkronos.com/immediapress/ict/2019/02/06/instapro-accredita-italia-come-leader-dei-marketplace-servizi-per-casa_Tj90adOb68K4lzHXKBuPOJ.html|title=Instapro si accredita in Italia come leader dei marketplace di servizi per la casa|website=Adnkronos|access-date=2019-11-11}} Werkspot.nl opens her twin company in Italy: Instapro.{{Cite web|url=https://www.instapro.it/|title=Instapro - Confronta Preventivi e Imprese per Lavori in Casa|website=www.instapro.it|access-date=2019-11-11}}
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.{{cite news |title=lAC's HomeAdvisor Is One To Watch In The Growing "Humans As A Service" (HaaS) Business|first=Patrick|last=Moorhead|work=Forbes|url=https://www.forbes.com/sites/patrickmoorhead/2015/07/15/lacs-homeadvisor-is-one-to-watch-in-the-growing-humans-as-a-service-haas-business-2/#779778a0681f|date=July 15, 2015}}
In 2016, HomeAdvisor acquired the German home services company, MyHammer.{{cite news |title=HomeAdvisor expands to Germany with purchase of MyHammer|first=Tamara|last=Chuang|publisher=Denver Post|url=http://www.denverpost.com/2016/10/10/homeadvisor-myhammer-purchase/|date=October 16, 2016}} In 2017, it acquired Canada's leading home services platform, HomeStars,{{cite news|last=Avery|first=Greg|date=2017|title=HomeAdvisor buys Canada's big home improvement site|publisher=Denver Business Journal|url=https://www.bizjournals.com/denver/news/2017/02/09/homeadvisor-buys-canadas-big-home-improvement-site.html}} and MyBuilder, the UK's leading home services platform connecting homeowners and tradesmen.{{cite news|last=McCaffrey|first=Erin|date=March 27, 2017|title=HomeAdvisor buys UK home services marketplace MyBuilder|publisher=Seeking Alpha|url=https://seekingalpha.com/news/3253595-homeadvisor-buys-uk-home-services-marketplace-mybuilder}}
= Angi =
{{main|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.{{Cite web|title=Angie's List strikes big with $22M|url=http://vator.tv/news/2010-09-21-angies-list-strikes-big-with-22m|last=Merino|first=Faith|date=September 21, 2010|work=VatorNews}} In November 2010, Saints Capital led an additional funding of $2.5 million.{{Cite web|title=Angie's List raises $2.5M adding to $22.5M|url=http://vator.tv/news/2010-11-11-angies-list-raises-25m-adding-to-225m|last=Merino|first=Faith|date=November 11, 2010|work=VatorNews}}
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.{{cite news|date=November 17, 2011|title=Angie's List gains 25% in IPO|work=CNN|url=https://money.cnn.com/2011/11/17/technology/angies_list_IPO/}}
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.{{cite web|title=Golden-based HomeAdvisor completes purchase of Angie's List|url=https://www.denverpost.com/2017/10/02/homeadvisor-angies-list-merger-growth/|website=Denver Post|date=October 2, 2017|access-date=2 October 2017}}{{Cite web|title=Need a plumber? Angie's List reviews are now free|url=https://www.cnbc.com/2016/07/13/need-a-plumber-angies-list-reviews-are-now-free.html|last=Mercado|first=Darla|date=2016-07-13|website=CNBC|access-date=2016-07-27|df=mdy-all}}
On October 2, 2017, IAC announced that it had agreed to acquire Angie's List for $781.4 million. and it merged Angie's List and HomeAdvisor, renaming the merged company to ANGI Homeservices, retaining Angie's List ticker symbol and stock history.{{cite web|title=Merger Proposal|url=http://ir.angihomeservices.com/node/6126/html|website=ANGI Homeservices|access-date=28 August 2019}}
In October 2018, ANGI Homeservices bought Handy for $165.5 million. In March 2021, Angie's List changed its name to Angi, and ANGI Homeservices Inc. changed its name to Angi Inc.{{Cite web |last=Monica |first=Paul R. La |date=2021-03-17 |title=Angie's List changes its name in a complete rebranding {{!}} CNN Business |url=https://www.cnn.com/2021/03/17/investing/angies-list-angi-rebranding/index.html |access-date=2022-03-26 |website=CNN |language=en}}
In May 2023, William Oesterle, who co-founded the company with Angie Hicks, died.{{cite news|url=https://www.nytimes.com/2023/05/14/business/bill-oesterle-dead.html|title=Bill Oesterle, Co-Founder of Angie’s List, Dies at 57|first=Daniel E.|last=Slotnik|publisher=New York Times|date=May 14, 2023|accessdate=May 14, 2023}}
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.{{cite web|title=HomeAdvisor to pay $2.8M in membership-fee settlement|url=http://www.ibj.com/angies-list-to-pay-28m-in-membership-fee-settlement/PARAMS/article/49636|publisher=Ibl.com|access-date=October 18, 2014}}
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).{{Cite web|url=https://www.moorevalsettlement.com|title=Moore v. Angie's List - Home|website=www.moorevalsettlement.com|access-date=2016-08-30}}
References
{{reflist}}
External links
- {{Official website|https://www.angihomeservices.com/}}
{{IAC}}
Category:Companies listed on the Nasdaq
Category:Companies based in Denver
Category:Online marketplaces of the United States
Category:American review websites
Category:American companies established in 1995
Category:Internet properties established in 1995
Category:1995 establishments in Ohio