Golden, CO, August 10—-ServiceMagic completed its acquisition of the stock of ImproveNet, Inc., 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 improvenet.com and servicemagic.com websites. In addition, the 1-800-Contractor phone number and 1800contractor.com website will continue to operate as a service of ImproveNet, Inc.
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.
ServiceMagic is an online marketplace connecting homeowners with prescreened and customer-rated home service professionals.
