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ServiceMagic Reports Record Number of Online Home Service Requests

Wednesday, July 28, 2004 - 01:00

ServiceMagic, Inc. (www.servicemagic.com), the nation's leading online marketplace connecting consumers with prescreened and customer-rated residential contractors, real estate professionals and lenders, today reported an 84 percent increase in consumer service requests during the quarter ending June 30, 2004 as compared to the same quarter in 2003. The company facilitated more than half a million consumer service requests worth over $1.75 billion in consumer spending.

"We have seen a 32 percent increase in consumer demand quarter-over-quarter this year," said Rodney Rice, co-CEO of ServiceMagic. "The service we provide is helping a growing number of consumers who are turning to the Internet for information and assistance for their local home service needs."

ServiceMagic's Most Popular Online Service Requests in Q2 2004

During the last quarter ServiceMagic saw an increase in consumers looking for local service professionals to help them with outdoor tasks such as lawn and garden care and fence installation as well as preparing for summer recreation by adding swimming pools and decks. Additionally, consumers use of ServiceMagic's newest offering, ServiceMagic Lending, rose 33 percent quarter-over-quarter.

ServiceMagic has noted the following service needs as the most popular among consumers using the company to connect with local service professionals.

   1.  Find a real estate agent to buy a home
   2.  Find a mortgage lender
   3.  Hire a pro to clean house interior
   4.  Hire a pro to build or install an above-ground swimming pool
   5.  Hire a pro to build or install a concrete swimming pool
   6.  Hire a lawn care service
   7.  Hire a pro to build or replace a deck or porch
   8.  Hire a handyman
   9.  Hire a pro to build or install a fiberglass swimming pool
   10. Hire a pro to install a wood fence

   ABOUT SERVICEMAGIC

ServiceMagic, Inc., headquartered in Golden, Colo., is the nation's leading online marketplace connecting homeowners with prescreened and customer-rated residential contractors, real estate professionals and lenders. To date, the company has facilitated more than 3.3 million consumer requests for home-related services, representing an estimated $11.5 billion in consumer spending. ServiceMagic's member businesses include nearly 50,000 professionals nationwide. The company has raised more than $48 million in capital, increased revenue 100 percent on a year-over-year basis since 2000, and achieved $20 million in revenue and profitable operations in 2003. For more information visit ServiceMagic at http://www.servicemagic.com/.

In July 2004, IAC/InterActiveCorp (NASDAQ: IACI) announced an agreement to acquire ServiceMagic; terms of the agreement were not disclosed. ServiceMagic will remain an independent brand within the IAC Local and Media Services Group. The transaction is expected to close in the third quarter of 2004.

Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Rodney Rice http://www.profnet.com/ud_public.jsp?userid=347796 Micheal Beaudoin http://www.profnet.com/ud_public.jsp?userid=347797

SOURCE: ServiceMagic, Inc.

CONTACT: Elaine N. Schoch of ServiceMagic, Inc., +1-303-963-8082,
eschoch@servicemagic.com

Web site: http://www.servicemagic.com/

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