ServiceMagic to Acquire ImproveNet

ServiceMagic Inc. has entered into an agreement to acquire all outstanding stock of ImproveNet Inc. for approximately $6.72 million in cash. The deal combines two online marketplaces connecting consumers with residential contractors and is expected to close in Q3 2005.

“ServiceMagic® Inc. and ImproveNet Inc., two online marketplaces that connect consumers with prescreened residential contractors and home service professionals, announced that they have entered into an agreement whereby ServiceMagic will acquire all of the outstanding stock of ImproveNet.”

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