Angi Investor Relations Material

Angi provides several marketplaces that connect consumers looking for home services with service providers for over 500 categories, such as plumbing, house cleaning, and roof repair, et cetera. Thus, the company sits in the middle of the on-demand economy with its two-sided network business model.

The company’s most well-known brands and marketplaces are Angi, HomeAdvisor, and Handy, all located in the U.S. with similar offerings. Angi also has a wide presence in Europe, with brands like Travaux in France, MyHammer in Germany, and MyBuilder in the UK. A significant majority of the company's revenue, however, stems from U.S. operations.

Angi was founded as Angie’s list in 1995 by Angie Hicks and William S. Oesterle. The idea came from Hicks's search for a reliable construction contractor on behalf of Oesterle, a venture capitalist and Hicks's boss at the time. In 2011, Angie’s List went public on the NASDAQ as ANGI.

From 1995 till now, the company has made several rebrandings and acquisitions. The most prominent rebranding was completed on March 17, 2021, when the company also made several drastic changes to its business. With this move, Angie's List became Angi, HomeAdvisor became HomeAdvisor, powered by Angi, and the corporate name ANGI Homeservices was changed to Angi. New logotypes, a new mobile experience that included the company's new pre-priced offering, in-app messaging, and features regarding how to get financing and make payments on the platform, summarize the major changes.

Compelling for both consumers and Angi, a marketplace is usually self-regulated. If a service provider does a poor job, it will result in a bad review. This reproduces a structure where a service provider who does not deliver, and thus gets bad reviews, will have a hard time getting more jobs through the platform – incrementally increasing the overall quality of services over time.

A marketplace also entails network effects, which act as a competitive strength. An increase in demand (customers looking for home services) means that Angi will attract more supply (service providers) and vice-versa. This causes the value proposition from a two-sided marketplace to increase as it grows. The long-term vision for Angi is to be the natural cognitive reference if something is going to get done in anyone’s home – like Uber for transport, Airbnb for travel, or Amazon for eCommerce.