Investors in Angie’s List Inc. appeared to have hit the jackpot two years ago after the company merged with rival HomeAdvisor. Unfortunately, that love affair is officially over.
‘Elevator Hill,’ former Angie’s List campus, on the rise
The owners of the 18-acre former Angie’s List campus just east of downtown are relying on a promise of lower rent, connectivity with downtown, and the potential for future nearby development to draw tenants.Read More
Shares of ANGI Homeservices Inc., the parent of Indianapolis-based Angie’s List, fell as much as 30 percent Thursday after the company’s quarterly results missed Wall Street expectations.
Now a part of New York-based IAC’s ANGI Homeservices Inc., Angie’s List is achieving record sales and planning for major growth in Indianapolis.
ANGI Homeservices Inc. has agreed to acquire Handy Technologies Inc., a New York-based startup offering on-demand access to cleaning maids or handymen for small tasks at a fixed price.
As part of its local downsizing, Angie’s List has signed a lease to occupy four floors of a historic downtown building, becoming the largest tenant in the 12-story office tower.
Bill Oesterle and a group of investors have agreed to purchase the 17.5-acre site on the near-east side and could close on the deal in March.
ANGI Homeservices Inc. CEO Chris Terrill told IBJ he is feeling “bullish” about the company’s overall prospects and its future in Indianapolis.
Gov. Eric Holcomb’s Next Level Trust Fund, which designates $250 million for venture capital, also made our list.
Bill Oesterle has assembled a group of local heavy hitters in hopes of purchasing the 17.5-acre site east of downtown, now that ANGI Homeservices Inc. has put it up for sale.
The 17.5-acre campus on East Washington Street is made up of 41 parcels with 25 buildings, 1,000 parking spaces and 190,000 square feet of office space. Parent company ANGI Homeservices would like to sell it to a single buyer if possible.
In an interview with IBJ, ANGI Homeservices CEO Chris Terrill said layoffs at Angie’s List will be done soon and real estate decisions are still being made. He also discussed what he sees as the merged company’s biggest strength.
The company said the cuts will take place after its merger with HomeAdvisor and will target redundant roles. The merger could happen as soon as this month.
Angie’s List CEO Scott Durchslag said the financial performance was in line with the expectations of HomeAdvisor, which is in the process of acquiring Angie’s List for about $505 million.
Securities filings show how activist investors gained influence, how organic turnaround plans lost favor, and how IAC played hardball at the negotiating table.
The job cuts, which happened Thursday, are part of the company’s focus on “continued operational effectiveness,” a spokeswoman said.
A week after the announced acquisition of Angie's List, its shares are trading 38 percent above the offer price—signaling optimism about the forthcoming public company combining Angie's List and HomeAdvisor.
No one knows how the $505 million sale of Angie’s List Inc. to New York media and internet company IAC will affect local employment, but the buyer doesn’t seem interested in slash and burn.