IAC/InterActiveCorp has announced an agreement to acquire ServiceMagic Inc., an online home services marketplace, in a cash transaction. Terms of the agreement were not disclosed. ServiceMagic will remain an independent brand within the IAC Local and Media Services Group.
ServiceMagic, founded in 1999, connects homeowners with prescreened and customer-rated residential contractors, real estate professionals, and lenders. According to the company, nearly 50,000 service professionals utilize ServiceMagic to find targeted leads for home building, remodeling, architectural services, roofing, fences, decks, painting, flooring, plumbing, and more.