The internet service company known as Angie’s List has changed its name, revised its website and launched a new application, as it seems to continue to enter the home services industry.
Under its new name, Angi wants to smooth the process of home renovation by offering consumers a single platform to connect with contractors, book and make payments. The opportunity has an addressable $ 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 a Mad Money interview. “This is a huge market. It’s incredibly devastating.”
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 setting up funding for expensive work. Hanrahan said Angi was designed to help streamline a job, leaving consumers to manage everything in one place.
“There is so much friction in the buying process,” Hanrahan said, emphasizing the importance of the customer experience.
Angi said it has 250,000 rental companies on its platform, which was used by more than 18 million American households last year.
And with home consumers wanting to reshape their pandemic life, Angi saw a double-digit increase in 2020. The company reported revenue of $ 1.47 billion for that year, up from 10.7% compared to 2019.
“If we make this experience incredibly easy, supporting our professionals, giving them great work, then our clients will keep coming back,” he said. “We will really see ourselves 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.