The internet service company known as Angie’s List has renamed, revamped, and launched a new app to further penetrate the home services industry.
Under its new name, Angi aims to simplify the home renovation process by providing consumers with a single platform to connect with contractors, book and make payments. The opportunity has an addressable market of $ 500 billion, CEO Oisin Hanrahan told CNBC on Wednesday.
“This is a huge market … it’s all you have to do in your home,” he said in a Mad Money interview. “This is a huge market. It’s incredibly broken.”
The holding company changed its name from ANGI Homeservices to Angi Inc. The service portfolio 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 funding for costly work. According to Hanrahan, Angi is designed to help streamline a job by allowing consumers to do everything in one place.
“There’s so much friction in the buying process,” said Hanrahan, emphasizing the importance of the customer experience.
Angi said it leased 250,000 companies on its platform, which was used by more than 18 million US households last year.
Angi saw double-digit growth in 2020 as domestic consumers sought to transform their lives in the wake of the pandemic. The company had annual sales of approximately $ 1.47 billion, up 10.7% from 2019.
“If we make this experience incredibly easy, by supporting our professionals and doing a great job, our customers will keep coming back,” he said. “We’re going to see that we’re really going to change the category from an incredibly fragmented one to a much more consolidated one.”
Angi’s shares fell 1.74% on Wednesday, trading at $ 16.33 per share.