ServiceMagic Completes Purchase Of ImproveNet

ServiceMagic successfully completed its acquisition of the stock of ImproveNet for nearly $6.7 million in cash. Effective upon closing of the transaction, all residential contractors in the companies' respective networks will benefit from access to leads via the improvenet.com and servicemagic.com Web sites. Also, the 1-800-Contractor phone number and 1800contractor.com Web site will continue to operate as a service of ImproveNet.