ServiceMagic Buys ImproveNet
ServiceMagic, an online marketplace of prescreened home service professionals, recently announced its acquisition of any outstanding shares, warrants and stocks of ImproveNet Inc. The deal is worth approximately $6.72 million in cash or 12 cents per share. The combined consumer bases and contractor networks are expected to drive more leads to participating contractors and improve choice for consumer members. The transaction will close in the third quarter of 2005, at which point the services will be combined.