Angi Inc.: Difference between revisions

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{{short description|US-based website containing crowd-sourced reviews of local businesses}}

{{Infobox Company

{{redirect|ANGI|the Davey Graham instrumental|Anji (instrumental)|the main subsidiary formerly known as Angie's List|Angi}}

| company_name = Angie's List

{{Use mdy dates|date=October 2015}}

| company_logo =[[Image:Angie's List Logo.gif]]

{{Infobox company

| company_slogan =

| name = Angi Inc.

| vector_logo =

| hq_location_city = [[Denver]], [[Colorado]]

| company_type =Domestic Limited Liability Company (LLC)

| hq_location_country = United States

| genre =

| founder = {{ubl|[[William S. Oesterle]]|[[Angie Hicks]]}}

| foundation =April 26, 1995

| industry = Internet Content & Information

| founder =Angie Hicks

| services = {{ubl|[[Online marketplace]]|[[Review site]]}}

| ___location =1030 E. Washington St., Indianapolis, IN 46202

| revenue = {{increase}} US$1.132 billion

| origins =

| owner = [[IAC (company)|IAC]] (3%)

| key_people = William S. (Bill) Oesterle (CEO), Angie Hicks (Chief Marketing Officer)

| footnotes = <ref name= AnnualReport2018>{{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}}</ref><ref name=YahooProfile>{{Cite web |work=Yahoo Finance |url=https://finance.yahoo.com/quote/ANGI/profile/ |title=ANGI Homeservices Inc. (ANGI) |access-date=29 August 2019}}</ref>

| area_served =

| former_name = ANGI Homeservices Inc.

| industry = Information collection and delivery

| company_type = [[Public]]

| products =

| traded_as = {{ubl|{{NASDAQ|ANGI}} ([[Class A share|Class A]])|[[S&P 600]] component}}

| revenue = $4.6 mil (est.)

| foundation = {{start date and age|1995}}

| operating_income =

| key_people = Jeff Kip ([[Chief executive officer|CEO]])

| net_income =

| revenue_year = 2018

| num_employees = 65

| operating_income = {{increase}} US$142.035&nbsp;million

| parent = Brownstone Publications

| income_year = 2018

| subsid =

| net_income = {{increase}} US$ 77.507&nbsp;million

| owner =

| net_income_year = 2018

| homepage = http://www.angieslist.com/

| num_employees = 4,500

| footnotes = <ref name=ISOS>{{cite web|title=accessIndiana|publisher=Indiana Secretary of State|url=https://secure.in.gov/sos/bus_service/online_corps/view_details.aspx?guid=9ACA7426-2CD0-4F80-88FB-8CD2E27CA838|accessdate=November 7, 2006}}</ref><ref name=Hoovers/>}}

| subsid = {{ubl|[[Angi]]|[[HomeAdvisor]]}}

[[Image:Angie's List Logo.jpg|thumb|right|Angie's List old logo, no longer used.]]

| homepage = {{URL|https://ir.angi.com/}}

'''Angie’s List''' is a company which provides [[ratings]] of local [[service companies]] in 250 different categories.<ref name=5Things>{{cite news | last =Daniels | first = Mary | title = 5 Things to Know...about home warranties. | work =Chicago Tribune | pages = | language =English | publisher = | date =January 14, 2007 | url =http://www.chicagotribune.com/features/home/chi-0701140315jan14,1,839137.story?ctrack=1&cset=true | accessdate =January 29, 2007 }}</ref> It has been described by the New York Times as a "glorifed [[Yellow Pages]]".<ref name=Toilet>{{cite news | last =Darlin | first =Damon | title =Let’s Say Your Toilet Backs Up. How Do You Find a Good Plumber? | work =New York Times | pages = | language =English | publisher = | date =August 5, 2006 | url =http://www.nytimes.com/2006/08/05/business/yourmoney/05money.html?ex=1312430400&en=aa426b7632c915ae&ei=5088&partner=rssnyt&emc=rss | accessdate = January 10, 2007 }} </ref> The company operates in more than 30 cities. Companies are [[grade]]d on an A-F scale.<ref name=Hoovers>{{cite web | last =Schein| first =Amy | title =Brownstone Publishing, LLC | work =Hoovers.com | publisher =[[Hoovers]]

}}

| date = | url =http://premium.hoovers.com/subscribe/co/factsheet.xhtml?ID=rfkffhsjrfchyhx | format = | accessdate = January 30, 2007 }}</ref> The A - F ratings come from members who submit reviews on companies they have used. [[Revenue]] for Angie's List comes from [[fee]]s paid by its members and from [[advertising]]. It claims to only accept advertising from companies that have a "B" rating or higher.<ref name=Angie'sA>{{cite news | last =Tribble | first =Sarah Jane | title =Angie's List earns an "A" for filling consumer niche | work =Seattle Times | pages = | language =English | publisher = | date =August 28, 2006 | url =http://seattletimes.nwsource.com/html/businesstechnology/2003230767_btangielist28.html | accessdate =January 10, 2007}}</ref> Members can submit information about service providers and receive the magazine. Members have unlimited access to the list via Internet or phone; receive the Angie’s List magazine, which includes articles on [[home improvement]] and maintenance, consumer trends and [[Confidence trick|scam]] alerts; and they can utilize the Angie’s List complaint resolution service. Contractors cannot pay to be on the list, add their own names or report on their own companies,<ref name=KVBC>{{cite news | last = | first = | title =Angie's List helps you choose a contractor | work =KVBC | pages = | language =English | publisher = | date =July 10, 2006 | url =http://www.kvbc.com/Global/story.asp?S=5132384&nav=menu107_2_3 | accessdate =January 29, 2007}}</ref> but many people believe that little prevents them from using surrogates to buy memberships and submit positive reviews about themselves and negative reviews about their competitors.{{cn}}

Approximately 15,000 reports are submitted every month, but it is unknown how many of these Angie's List chooses to use in grading contractors. Assuming it uses them all, it would take over 77 years for Angie's List to get, on average, a ''single'' review on each of the 14 million businesses in the United States.<ref name=Toilet/> Angie's List claims that an employee reads every report as they come in to check for abuse and inaccuracies,<ref name=Mininggold/> but fails to articulate how they "check for abuse" on 15,000 reports monthly with only 65 employees.

'''Angi Inc.''' (formerly '''ANGI Homeservices Inc.''') is an internet services company formed in 2017 by the merger of Angie's List and [[HomeAdvisor]].<ref name="denverpost-chuang">{{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}}</ref> 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.

Based in [[Indianapolis, Indiana]], the company was founded by [[Angie Hicks]] in [[1995]]. Angie modeled the list after Indianapolis's Unified Neighbors, which was founded in [[1974]]. Initially off-line, Angie Hicks, a recent MBA graduate, claims to have gone door-to-door in [[Columbus, Ohio]] signing up members and collecting ratings on local contractors.<ref name=Mininggold>{{cite news | last =Duros | first =Sally | title =Mining gold from Chicagoans' word of mouth | work =Chicago Sun Times | pages = | language =English | publisher = | date =January 5, 2007 | url =http://www.suntimes.com/business/duros/197949,HOF-News-right05.article | accessdate =January 29, 2007}}</ref> In [[1996]], Angie's List purchased Unified Neighbors and relocated the company from Columbus to Indianapolis.

For the [[Calendar year#Quarters|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.<ref name="YahooFinance2016">[https://finance.yahoo.com/quote/ANGI/financials?ltr=1, Yahoo Finance, August 23, 201]</ref> On May 1, 2017, ''[[The Wall Street Journal]]'' reported that [[IAC (company)|IAC]] planned to buy Angie's List. By September 2017 the new publicly traded company was called ANGI Homeservices Inc.<ref name=angieslist-buy>{{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}}</ref> Shares started trading in early October, 2017.<ref>{{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}}</ref>

=== Competitors ===

Angie's List faces competition from online companies that aggregate reviews on local merchants, including, [[Yelp]], [[Insider Pages]] (which has over 600,000 reviews of local businesses) and [[Judy's Book]].

In March 2019, Angi moved its corporate headquarters to [[Denver]], [[Colorado]].<ref name="AnnualReport2018" />

==History==

William S. Oesterle and [[Angie Hicks]] founded Angie's List in 1995. The idea resulted from Hicks's search for a reliable [[general contractor|construction contractor]] in suburban [[Columbus, Ohio]], on behalf of Oesterle, a [[venture capital]]ist 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.<ref name="NoFreeStuff">{{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}}</ref>

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.<ref>{{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}}</ref> 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.<ref>{{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}}</ref>

=== HomeAdvisor ===

In 1998, ServiceMagic was founded by Rodney Rice and Michael Beaudoin who were part of the founding management team of Einstein Bros Bagels.<ref name="Perez">{{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/}}</ref> In 2004, [[IAC (company)|IAC]] acquired the website for an undisclosed price.<ref name="Release">{{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}}</ref>

On July 22, 2004, [[IAC (company)|IAC]] acquired ServiceMagic.<ref name="IAC-2004-7-22">{{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}}</ref> 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.<ref name="hardware">{{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/}}</ref>

In 2012, the firm changed its name to [[HomeAdvisor]].<ref>{{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/}}</ref>

In 2013, [[HomeAdvisor]] acquired Werkspot.nl, the leading Dutch home improvement platform.<ref name="Ruth">{{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/}}</ref> In 2014,<ref>{{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}}</ref> Werkspot.nl opens her twin company in Italy: Instapro.<ref>{{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}}</ref>

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.<ref name="Moorhead">{{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}}</ref>

In 2016, [[HomeAdvisor]] acquired the German home services company, MyHammer.<ref name="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}}</ref> In 2017, it acquired Canada's leading home services platform, HomeStars,<ref name="Greg">{{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}}</ref> and MyBuilder, the UK's leading home services platform connecting homeowners and tradesmen.<ref name="McCaffrey">{{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}}</ref>

=== Angi ===

{{main|Angi}}

In 1996, the company bought Unified Neighbors from its creator and moved the company's headquarters to Indianapolis.

In 2010, Angie's List raised a total of $25&nbsp;million in capital from investors. In September 2010, Wasatch Funds and [[Battery Ventures]] invested $22&nbsp;million.<ref>{{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}}</ref> In November 2010, Saints Capital led an additional funding of $2.5&nbsp;million.<ref name="Vator">{{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}}</ref>

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.<ref>{{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/}}</ref>

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.<ref name="bloomberg-iacangi">{{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}}</ref><ref>{{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}}</ref>

On October 2, 2017, [[IAC (company)|IAC]] announced that it had agreed to acquire Angie's List for $781.4 million.<ref name="AnnualReport2018" /> and it merged Angie's List and HomeAdvisor, renaming the merged company to ANGI Homeservices, retaining Angie's List ticker symbol and stock history.<ref name="bloomberg-iacangi" /><ref name="angi-mergr">{{cite web|title=Merger Proposal|url=http://ir.angihomeservices.com/node/6126/html|website=ANGI Homeservices|access-date=28 August 2019}}</ref>

In October 2018, ANGI Homeservices bought [[Handy (company)|Handy]] for $165.5 million.<ref name="AnnualReport2018" /> In March 2021, Angie's List changed its name to Angi, and ANGI Homeservices Inc. changed its name to Angi Inc.<ref name="cnn.com">{{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}}</ref>

In May 2023, William Oesterle, who co-founded the company with Angie Hicks, died.<ref>{{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}}</ref>

== Lawsuits ==

In 2014, Angie's List Inc. paid $2.8&nbsp;million to settle a lawsuit alleging that it automatically renewed members at a higher rate than they were led to believe.<ref>{{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}}</ref>

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).<ref>{{Cite web|url=https://www.moorevalsettlement.com|title=Moore v. Angie's List - Home|website=www.moorevalsettlement.com|access-date=2016-08-30}}</ref>

==References==

{{reflist}}

<references/>

==External links==

* {{Official website|https://www.angihomeservices.com/}}

{{IAC}}

[[Category:Companies listed on the Nasdaq]]

[[Category:Consumer guides]]

[[Category:ConsumerCompanies magazinesbased 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]]

[[Category:2011 initial public offerings]]

[[Category:IAC Inc.]]