Angie’s List to be acquired by HomeAdvisor parent company

James Briggs, and Holly V. Hays

More than 20 years after pioneering the online user review business, Angie’s List has acknowledged a painful truth: People prefer finding their home service providers on another (free) website.

Angie’s List on Monday agreed to be acquired by IAC, the parent company of rival HomeAdvisor, for more than $500 million. The deal comes about a year and a half after Angie’s List rejected a $512 million offer from IAC.

The deal, expected to close in the fourth quarter, is the end of an era for Indianapolis’ best-known technology company. The new publicly traded company will be called ANGI Homeservices Inc. and will be headquartered in Golden, Colo. HomeAdvisor CEO Chris Terrill will lead the company.

The arrangement raises questions about the future of Angie’s List’s massive footprint in Indianapolis, as well as how many employees will remain with the combined company. IAC expects to cut $50 million to $75 million a year in costs by the end of 2018.

About the Author: AKDSEO

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