What was named was a massive underwriting group for such a small deal… BofA Merrill Lynch was the lead, and other underwriters listed are Allen & Company LLC, Stifel Nicolaus Weisel, RBC Capital Markets, Janney Montgomery Scott, Oppenheimer & Co., ThinkEquity LLC, and CODE Advisors.
The company operates a consumer-driven solution for members to research, hire, rate and review local professionals for “critical” needs… home, health care and automotive services. Its ratings and reviews are available only to members and helps members find the best provider for their local service needs.
As of June 30, 2011, Angie’s List had more than 820,000 paid memberships. It allows local service providers who are highly rated by members to advertise discounts and other promotions to members.
As of June 30, 2011, the company offered service to paying members in 170 local markets in the United States. From December 31, 2008 through June 30, 2011, it grew from approximately 333,000 to more than 820,000 paid memberships. Membership growth has been driven largely by the national advertising strategy, which resulted in marketing expenses of $30.2 million and $29.2 million in 2010 and the six months ended June 30, 2011, respectively.
The company continues to invest in advertising to grow the membership base. In 2010 and the six months ended June 30, 2011, revenue was $59.0 million and $38.6 million, respectively; net loss was -$27.2 million and -$25.8 million.
Posted without comment.
JON C. OGG
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