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.
Senior Vice President of Product Shelly Towns said she wanted to get out of her “comfort zone” and is looking for new opportunities.
The Indianapolis-based consumer-reviews service had been an outlier among major companies in sticking with the show despite a report in The New York Times that Bill O’Reilly and Fox News had settled a rash of cases accusing him of harassment and inappropriate conduct.
Revenue in the fourth quarter dropped 11 percent from the same period of 2015, marking the biggest year-over-year decline in the company’s 22-year history.
The Indiana Court of Appeals ruling says two former employees who left for HomeAdvisor took confidential information from Angie’s List and failed to return it.
The fierce rival to Angie's List has hired more than 70 workers since opening its Indianapolis office early this year. It will expand that office—at 1 Virginia Ave.—and open a second one at 342 Massachusetts Ave.
Internet giant Amazon announced Monday that it’s expanding its home services offerings to 20 new markets including Indianapolis, intensifying the competitive landscape for locally based Angie’s List.
The job cuts that Angie’s List officials alluded to on Tuesday are already under way at its Indianapolis operations, sources inside the company told IBJ on Thursday. The layoffs could run in the hundreds, they said.
CEO Scott Durchslag said Tuesday the company wants to be proactive instead of reactive when it comes to courting suitors, a stark shift from his tone about the matter last year. Also, the company is gearing up to slash jobs in a cost-cutting effort.
The home services marketplace did not specify it planned to sell itself, but hiring investment bankers is typically the first step in doing so. In a press release, CEO Scott Durchslag said only that the goal was “to achieve the full potential of our new platform.”
A Washington, D.C.-based investor who had wanted two longtime board members of Angie's List Inc. to quit got his wish in early October.
The home-services review company earned $4.8 million in the second quarter, marking the fifth time in the last seven quarters it has turned a profit. But revenue continued to slip as the company overhauled its business model.
The goal is to boost user traffic—which has been growing slowly lately—in order to spur service-provider spending, which drives 80 percent of Angie’s List revenue.
The company announced the plan in March and debuted it in some markets last month. CEO Scott Durchslag, who hopes the move will spark revenue growth, said he’s encouraged by the early results.