Indianapolis-based Angie’s List Inc. announced Monday that it has acquired Denver-based tech startup BrightNest for at least $2.15 million in cash.
BrightNest, founded in 2011, provides free online tips for home maintenance to about 100,000 users. The company’s eight employees will remain based in Denver.
BrightNest is getting $2.65 million in cash, including $2.15 million that was paid at closing last Friday. Another $500,000 is payable in a year, subject to performance targets. BrightNest owners also will receive options to acquire $3.65 million in Angie's List stock..
"The acquisition of BrightNest fits well with our strategic objective to develop tools and create a user experience that makes it easier for our members to care for their homes,” said Bill Oesterle, Angie’s List CEO, in a prepared statement. “BrightNest has been highly effective at driving member engagement, and we believe this combination will further accelerate our innovation of user-friendly tools."