IAC’s HomeAdvisor Acquires Canada’s Leading Home Services Platform
February 14, 2017
HomeAdvisor, an IAC company and the operator of the largest home services marketplaces across the globe, has announced its acquisition of HomeStars, the leading home services platform connecting homeowners with service providers throughout Canada.
With the acquisition of HomeStars, HomeAdvisor strengthens its North American market leadership position in digital marketplaces dedicated to home services. HomeStars joins HomeAdvisor market leaders in Germany (MyHammer), France (Travaux.com), Netherlands (Werkspot) and Italy (Instapro) as HomeAdvisor looks to build on domestic momentum and accelerate international growth.
“The acquisition of HomeStars is the latest move in HomeAdvisor’s larger strategy to replicate the enormous success we’ve seen domestically to other markets – allowing us to build a dominant global business and brand,” said Chris Terrill, CEO of HomeAdvisor. “As digital alternatives increasingly replace word of mouth for home improvement projects, home services are poised to become the next major marketplace, and HomeAdvisor and its family of brands the de facto provider across the world.”
Founded in 2006 by Nancy Peterson, HomeStars connects a growing number of Canada’s 9 million homeowners with trusted reputable service providers. The Canadian market for home services continues to grow: Canadian households spent CA$71 billion on home improvement in 2015, up from CA$45 billion in 2006.
“HomeAdvisor has a proven playbook for building a successful digital marketplace,” said Peterson. “We are thrilled to join forces with the company on the front lines of transforming the way homeowners discover and connect with a wide variety of vetted home services – from plumbing to painting to remodeling – able to unlock their home’s true potential.”
HomeAdvisor’s parent company, IAC, recently released its fourth quarter 2016 results; during this time period HomeAdvisor revenue increased 35 percent to US$123.7 million, driven by a 39 percent increase in domestic revenue and a 27 percent increase in international revenue. Full year 2016 HomeAdvisor revenue was US$498.9 million, up 38 percent year-over-year, accelerating from the 27 percent revenue growth in 2015. Full results and a letter to shareholders from IAC CEO Joey Levin can be found at www.iac.com/Investors.
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