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October 5, 2005 10:48 AM CDT

ServiceMagic Completes Acquisition of ImproveNet


ServiceMagic, Inc. announced the successful completion of 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 and websites. In addition, the 1-800-Contractor phone number and website will continue to operate as a service of ImproveNet, Inc.

About the Author

ServiceMagic is the nation’s leading website connecting consumers with screened and approved local service professionals. Additional information can be found at


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