Business
QuinStreet, Inc. Acquires Modernize to Establish Leading Home Improvement Marketplace
Transaction combines QuinStreet's industry best consumer reach technology with Modernize's depth and brand in home improvement FOSTER CITY, Calif., July 14,
About this update from Quinstreet, Inc.
[{"type":"text","content":"Transaction combines QuinStreet's industry best consumer reach technology with Modernize's depth and brand in home improvement\n\n\nFOSTER CITY, Calif., July 14, 2020 /PRNewswire/ -- QuinStreet, Inc. (Nasdaq: QNST), a leader in performance marketplace products and technologies, today announces the acquisition of Modernize, a leader in home improvement performance marketing services. \"Modernize Home Services\" will serve as QuinStreet's flagship brand in home services going forward, advancing its mission to set the standard for transparency and trust in the home improvement and home services selection process, enabling millions of homeowners to make good and confident decisions.\nThe market for home improvement and other home services is enormous, with consumer spending on professional home improvement alone estimated at more than $200 billion in 2019. Costs for typical home improvement projects such as installing new windows, remodeling a bathroom, replacing gutters, installing a solar power system, and other home projects typically range from thousands to tens of thousands of dollars. The process of identifying and selecting a qualified product and service provider can be complicated and time-consuming for homeowners. Conversely, reaching and communicating with homeowners can be difficult and expensive for providers.\nModernize Home Services' vision is to solve problems on both sides of the market and simplify the process; the business brings unprecedented depth, capabilities and reach to do so. Modernize Home Services will initially operate in more than 15 high-value, high-consideration home segments, including new and replacement windows, solar installation, roofing, heating and air conditioning, siding, bathrooms and kitchens, new and replacement gutters, home security, and more. The business brings a network of more than 1,000 contractors and providers across all segments, offering broad geographical coverage and choice for homeowners. Modernize Home Services also has extensive marketing and reach in digital media through QuinStreet's unprecedented performance marketplace capabilities and presence, providing opportunities to engage with and service homeowners in all its major channels. Over the past 12 months, the combined business connected more than 3 million homeowners with home service professionals for their projects....