The internet service company known as Angie’s List has been renamed, revamped its website, and launched a new app to further penetrate the home service industry.
Under the new name, Angi wants to make the renovation process of homes smoother by offering consumers a single platform to connect with contractors, book and pay. The opportunity has a $ 500 billion addressable market, CEO Oisin Hanrahan told CNBC on Wednesday.
“This is a huge market … It’s everything you need in your home,” he said in a “Mad Money” interview. “This is a huge market.
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 financing for costly work. Hanrahan said Angi is designed to streamline a job by letting the consumer take care of everything in one place.
“There is so much friction in the buying process,” said Hanrahan, emphasizing the importance of the customer experience.
Angi said it has 250,000 businesses for rent on its platform, which was used by more than 18 million US households last year.
And with home-bound consumers seeking to reshape their living arrangements during the pandemic, Angi saw double-digit growth in 2020. The company reported approximately $ 1.47 billion in revenue for the year, up 10.7% from 2019.
“If we make that experience incredibly easy by supporting our professionals and giving them a great job, our customers will keep coming back,” he said. “We will see that we are really changing the category from one that is incredibly fragmented to one that is much more consolidated.”
Shares of Angi fell 1.74% on Wednesday to close at $ 16.33 a share.