ImproveNet, an online provider of home improvement matching, marketing, and project remodeling services for home improvement professionals, suppliers, and homeowners, entered into an agreement and plan of merger in July of 2002.
As a result of the transaction, the shareholders of eTechLogix will control approximately 68% of the outstanding common stock of ImproveNet. eTechLogix, Inc. becomes a wholly-owned subsidiary of ImproveNet and anticipates operating as Smart Fusion, Inc.
The parent company will retain the ImproveNet name and will operate as ImproveNet, Inc. Jeffrey Rassas, CEO of eTechLogix, Inc., will become the company’s CEO with eTechLogix executives taking over line of business responsibilities. ImproveNet’s management team will include Homayoon Farsi, president; Naser Ahmad, CTO; Kenneth Cragun, CFO; Jeffrey Perry, EVP, Mergers & Acquisitions, and General Counsel; Thomas Brodeur, VP, Business Development & Strategic Marketing; and Jamie Glass, VP, Sales.
“We are pleased that this deal has closed. Our team has been building the foundation upon which the company will proceed. We are ready to execute our vision of automating the entire value chain of the building materials industry from manufacturer to consumer,” said Rassas.
Publication date: 01/20/2003