Angie's List Announces Acquisition of BrightNest in Its Continued Drive to
Transform Local Service
INDIANAPOLIS, Aug. 5, 2013 (GLOBE NEWSWIRE) -- Angie's List (Nasdaq:ANGI)
today announced the acquisition of online start-up SmartHabitat Inc.
("BrightNest"), calling the move a strategic next step in its drive to
transform local service.
"The only way to transform the local services industry is to solve real
problems in a bigger, better and new way," said Angie's List Chief Executive
Officer Bill Oesterle. "With two million members and more than 18 years in
this space, no one has better data on local service providers than Angie's
List. BrightNest adds a user-friendly front end and personalized member
experience to our marketplace platform which is built on rules, tools and
It's the latest move to illustrate the company's renewed commitment to user
experience. In April, Angie's List promoted marketing director Shelly Towns to
VP of Product, a role that formerly did not exist. Over the last 90 days the
team has re-architected search and is currently working on a full product
Angie's List also announced the national rollout of its new communication and
scheduling tools. In the second quarter, Angie's List processed more than
116,000 transactions on its marketplace platform. This represents a tiny
fraction of the total transactions that flow through Angie's List. "We've been
quietly transforming the way local service is transacted, and we are now in a
position to scale it. We will put the platform everywhere our members want it
to be, including web, mobile and call center," said Oesterle.
In the new marketplace, Angie's List can monitor and evaluate each transaction
as it progresses through to completion. "If a transaction gets stuck at any
point, we are going to step in and fix it," said Oesterle. "We have the
critical mass and the relationships with local service providers that allow us
to change service outcomes."
BrightNest Co-Founder and Chief Executive Officer Justin Anthony echoed
Oesterle's statement. "We're excited to join a trusted brand and help
facilitate the solution to make it even easier to hire local service
providers. Our tools and interactive content allow us to tailor a custom
experience for every member because no two homes and no two homeowners are
Under the terms of the acquisition agreement, Angie's List acquired
substantially all of the assets of BrightNest for $2.65 million in cash. The
cash value included $2.15 million at closing and $0.5 million payable at the
one-year anniversary of closing, subject to certain performance criteria.
Angie's List funded the acquisition with existing cash. In addition, Angie's
List will grant options to purchase $3.65 million of Angie's List common stock
to the members of the BrightNest team, all of whom have been retained by
Angie's List. The transaction closed on August 2, 2013.
Certain information in this press release may contain forward-looking
statements regarding future events or the future performance of Angie's List.
These statements are only predictions and actual events or results may differ
materially. Please refer to the documents Angie's List files, from time to
time, with the Securities and Exchange Commission, including Angie's List's
most recent Form 10-K and Form 10-Q. These documents contain and identify
important risk factors that could cause the actual results to differ
materially from those contained in or implied by these forward-looking
statements. Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date these statements
were made. Angie's List undertakes no obligation to update any forward-looking
statements contained in this press release.
About Angie's List
Angie's List helps consumers have happy transactions with local service
professionals in more than 720 categories of service, ranging from home
improvement to health care. More than 2 million subscribers across the U.S.
share their consumer experiences and use Angie's List to gain unlimited access
to local ratings, exclusive discounts, the Angie's List magazine, the Angie's
List complaint resolution service and information about how to make the most
of their home improvement projects.
CONTACT: Angie's List
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