The internet services company known as Angie’s List has changed its name, revamped its website and launched a new app because it seems to penetrate even further into the home services industry.
With its new name, Angi wants to smooth out the home renovation process by offering consumers a unique platform to connect with contractors, book and make payments. The opportunity has an affordable $ 500 billion market, CEO Oisin Hanrahan told CNBC on Wednesday.
“This is a huge market … It’s all you need to do in your home,” he said in an interview with “Mad Money.” “This is a huge market. It’s incredibly broken.”
The holding company changed its name from ANGI Homeservices to Angi Inc. Its portfolio of services includes HomeAdvisor, Handy, Fixd Repair and HomeStars.
Planning an improvement project can be stressful for the average homeowner, from finding a professional for the job to negotiating prices to finding financing for expensive work. Hanrahan said Angi was designed to help streamline work by letting consumers manage everything in one place.
“There’s so much friction in the buying process,” Hanrahan said, emphasizing the importance of the customer experience.
Angi said he has 250,000 rental companies on his platform, which used more than 18 million American homes last year.
And with home consumers wanting to reshape their life situations amid the pandemic, Angi experienced double-digit growth in 2020. The company reported revenue of $ 1.447 billion a year, a 10, 7% more than in 2019.
“If we make this experience incredibly easy by supporting our professionals and giving them a great job, our clients will keep coming back,” he said. “We’ll see that we really change the category from a very fragmented one to a much more consolidated one.”
Shares of Angi fell 1.74% on Wednesday to close at $ 16.33 per share.