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DENVER, Colo. – ServiceMagic, a service connecting homeowners with prescreened, qualified home improvement professionals, announced today the successful completion of its acquisition of the stock of ImproveNet. ImproveNet is a leading online home services marketplace.
ServiceMagic purchased all of the outstanding shares and in-the-money warrants and stock options of ImproveNet for approximately $6.7 million in cash or approximately $0.12 per share. Effective upon the closing of the transaction, all residential contractors in the companies’ respective networks will benefit from access to leads via the www.improvenet.com and www.servicemagic.com Web sites. In addition, the 1-800-Contractor phone number and www.1800contractor.com Web site will continue to operate as a service of ImproveNet.
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Shares of ImproveNet common stock, which prior to the acquisition traded on the over-the-counter bulletin board under the symbol “IMPV,” will no longer be traded.