IAC's ServiceMagic.com disclosed today a strategic investment in Minneapolis-based Zip Express Installation, a company that specializes in quick-turnaround installations of consumer or commercial electronics. The move adds electronics to ServiceMagic.com's U.S. online referral service for homeowners. IAC (NSDQ: IACI) isn't disclosing the investment amount but I was told the "relatively small" amount is in line with the current strategy of looking for "tuck-in" investments that fit with an existing business and have low upfront costs.
ServiceMagic launched a European business last month with a majority investment in The Koening Company and the acquisition of French home improvement site Travaux.com from Groupe CyberArchi. ServiceMaster Europe includes 123Devis.com, a French lead gen business for tradespeople and 123GetAQuote.co.uk, a UK lead gen site.
By Staci D. Kramer