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About Angi Inc. (NASDAQ: ANGI)
Angi Inc. is a leading digital platform dedicated to simplifying the homeownership experience by connecting homeowners with a vast network of skilled service professionals. From small repairs to large-scale renovations, Angi empowers homeowners to find, hire, and manage home service providers with ease. Operating under well-known brands such as Angi, HomeAdvisor, and Handy, the company offers a comprehensive solution for researching, booking, and completing home improvement projects.
Business Model and Revenue Streams
Angi's business model is built on three primary revenue segments: Ads and Leads, Services, and International. The 'Ads and Leads' segment generates the majority of the company's revenue by connecting service professionals with homeowners seeking their expertise. Through subscription-based advertising and lead generation, Angi enables service providers to grow their businesses while ensuring homeowners receive quality service. Additionally, the 'Services' segment offers pre-priced options, allowing customers to book and pay for services directly through the platform. The company also has a growing international presence, particularly in Europe and Canada, further diversifying its revenue streams.
Industry Context and Market Position
Angi operates within the expansive and evolving home services industry, which encompasses everything from home repairs and cleaning to landscaping and remodeling. With the rising trend of homeowners opting to renovate rather than relocate, Angi is well-positioned to capitalize on the increasing demand for reliable and convenient home services. The company addresses common homeowner pain points, such as the stress of finding trustworthy professionals and managing project costs, by offering a seamless digital experience and a robust network of over 230,000 vetted service providers.
Competitive Landscape and Differentiation
In a competitive market that includes platforms like Thumbtack and TaskRabbit, Angi distinguishes itself through its extensive professional network, user-friendly platform, and commitment to quality. The company also invests in initiatives to address industry challenges, such as the skilled labor shortage, through programs like the Angi Trade Up Scholarship. This initiative not only supports the next generation of tradespeople but also reinforces Angi's role as a leader in the home services ecosystem.
Commitment to Homeowners and Service Providers
Angi's mission extends beyond connecting homeowners with service professionals. The platform provides tools for cost research, project inspiration, and seamless booking, ensuring a positive experience for both customers and professionals. By fostering trust and transparency, Angi helps homeowners achieve their project goals while enabling service providers to grow and thrive in their businesses.
Looking Ahead
With over 25 years of experience in the home services industry, Angi continues to innovate and adapt to the changing needs of homeowners and professionals. The company's focus on sustainability, technology integration, and support for skilled trades positions it as a key player in shaping the future of homeownership and home improvement.
Handy, an operating business of Angi, has partnered with Nestig to provide crib assembly services. Nestig customers can book Handy professionals for assembly at home, seven days a week, starting at $99 for a two-hour job. This partnership aims to alleviate stress for new parents and enhance the nursery setup experience. Handy has also implemented safety measures in response to COVID-19 to ensure protection for both customers and professionals. Handy focuses on delivering a seamless home service experience, with access to a variety of services nationwide.
Angi Inc. (NASDAQ: ANGI) will release its first quarter results on May 6, 2021, after market close. A live video conference with IAC will follow on May 7, 2021, at 8:30 a.m. EDT, discussing these results. Angi offers a comprehensive solution for home needs, boasting over 25 years of experience and a network of nearly 250,000 professionals, having assisted more than 150 million customers.
Handy, a subsidiary of Angi, has partnered with Savvy to enhance home service offerings for renters. Property managers utilizing Savvy can now easily book Handy professionals for various tasks, including furniture assembly and cleaning, starting at $99 for a two-hour job. This partnership aims to simplify the move-in process for urban residents, providing them access to reliable home services. Handy has also adopted a Safety Standard in response to COVID-19, ensuring a secure environment for customers and service providers. This collaboration targets Savvy's marketplace of over 180,000 renters.
IAC has released its monthly metrics for March 2021, highlighting the performance of Angi Inc. (NASDAQ: ANGI). Angi is a comprehensive home services platform, aiding over 150 million users with a network of nearly 250,000 professionals. With over 25 years of experience, Angi aims to transform customer experiences in home repairs, renovations, products, and financing. IAC maintains majority ownership of Angi, which includes HomeAdvisor and Handy.
Handy, part of Angi, has partnered with Gotham Properties to offer home services to tenants. Residents can book Handy professionals for services such as furniture assembly and cleaning through Handy.com, starting at $99 for two hours. The service operates seven days a week, from 7:00am to 11:00pm ET. This collaboration aims to enhance living experiences by providing easy access to quality home services. Handy has also established a safety standard in response to COVID-19, ensuring a secure environment for customers and professionals.
Angi Inc. (NASDAQ: ANGI) has acquired an additional 20% interest in its MyBuilder business, a UK marketplace for vetted tradesmen. This deal, which follows Angi's initial 75% stake purchase in 2017, incurs a one-time expense affecting Adjusted EBITDA and operating income by approximately $6 million for Q1 2021. The acquisition aims to strengthen Angi's position in home services in the UK.
Angi Inc. (NASDAQ: ANGI) has appointed Kulesh Shanmugasundaram as its new Chief Technology Officer, emphasizing a commitment to bolster technology leadership for enhanced product innovation. Mr. Shanmugasundaram, who brings 20 years of experience, previously served as CTO at Handy, an Angi subsidiary. His role will involve overseeing technology strategy and operations to improve customer experiences through advanced features. CEO Oisin Hanrahan highlighted the need for a strong technical foundation to support Angi's growth in home care and improvement services.
Angie's List has rebranded as Angi, marking a new chapter in home services. The parent company, now Angi Inc. (NASDAQ: ANGI), introduces a revamped mobile app that simplifies access to service professionals. Features include pre-priced services, in-app messaging, payment tools, and financing options. With a focus on transforming the $500 billion home improvement market, Angi aims to enhance consumer experiences by providing comprehensive digital solutions for various home care needs. The rebranding reflects the company’s commitment to modernizing how consumers engage with home services.
On March 17, 2021, Angie's List rebranded itself as Angi, aiming to enhance the home care experience. CEO Oisin Hanrahan emphasized the mission to simplify home management through a new app featuring instant job purchases, financing options, and seamless communication with service providers. Angi plans to capitalize on the $500 billion home services market, transitioning HomeAdvisor to "HomeAdvisor, powered by Angi". The rebranding reflects a commitment to modern consumer expectations, transforming how people hire and pay for home services.
Flywheel Capital has acquired a 127,000-sf office property at 14023 & 14033 Denver West Parkway in Lakewood, Colorado. The asset is fully leased to a reputable home services company, indicating a stable income stream. John Fefley from Flywheel noted the investment offers a long-term yield due to the credit-worthy tenant. This acquisition marks their second transaction in Metro Denver in six months, reflecting confidence in the area's growth potential. Flywheel aims to expand further within the office and industrial sectors, contributing to Colorado's economic health.
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