If you’ve ever used an online dating app or website, IAC may have been partly responsible. The large internet conglomerate owns Match Group, which consists of Tinder, Match.com, Hinge, PlentyOfFish and OkCupid. Now, IAC is looking to get into family care.
On Friday, IAC announced that it has agreed to acquire Care.com, an online marketplace for booking family care services. IAC is buying Care in an all-cash deal at $15 per share, which values Care at about $500 million. This valuation represents a 34 percent jump compared to Care’s closing price on Oct. 25, when rumors began about the potential sale.
Based in Waltham, Care allows people to find professionals for various family care services, including finding a nanny, housekeeper, pet sitter or senior care professional. It also gives professional caregivers a database to search for jobs. The company’s caregivers are all vetted and full-time caregiver positions come with work benefits like insurance, paid vacation time and 401k eligibility.
Care has fueled 1.5 million caregiver matches since its public launch in 2007, with a new caregiver job match every two minutes. It has over 35 million members across 20-plus countries and continues to grow.
“Family care is exciting new territory for us—and an accelerating market as demand for both child and senior care intensifies worldwide,” Joey Levin, CEO of IAC, said in a statement. “The Care.com team has built a trusted brand and marketplace for families all over the world. We like marketplace businesses and this is one in a category we think has incredible potential.”
IAC has experience leading the helm of various online marketplaces, and the company says this experience will help it grow Care. IAC also owns Angie’s List and Handy, among others.
IAC also announced that it will appoint company executive Timothy Allen as the new CEO of Care. Allen will replace Care’s founder Shiela Lirio Marcelo, who announced her intentions to step down earlier this year.
