Airtasker to acquire Australia’s 3rd largest local services platform Oneflare
We’re stoked to announce today that Airtasker has entered into a definitive agreement to acquire the assets of Oneflare, Australia’s 3rd largest local services platform which serves more than 540,000 Customers and 14,500 verified businesses each year. Oneflare has a strong presence in trades, home improvement and professional services.
Key Oneflare operational and financial metrics:
480,000 unique visitors to Oneflare’s platform per month
50,000+ posted jobs per month
540,000 unique customers per annum
14,500 active verified businesses
$2,300+ estimated average task price
Here are some of the deal highlights:
Acquisition price of A$9.8 million represents an attractive 1.6x FY23F revenue of greater than A$6.0m.
Bringing together Airtasker, Australia’s no. 1 marketplace for local services, and Oneflare will strengthen marketplace network effects, offering more job opportunities to Service Pros (including both independent Taskers and verified businesses) whilst providing customers with access to a greater range of services, skills and faster response times.
The Acquisition of Oneflare will also further accelerate Airtasker’s strategic expansion into high value service categories including trades, home improvement and professional services.
The underwritten placement of approximately 14.5 million new fully paid ordinary shares at $0.43 per share, to raise approximately $6.25 million will be used to fund the cash component of the acquisition price, the FY23 estimated investment in Oneflare, and Acquisition and Placement costs.
Airtasker Directors will subscribe for $3.55 million in the Placement, which will be subject to shareholder approval.
Airtasker will also undertake a Share Purchase Plan to raise up to $1.2 million for eligible shareholders in Australia and New Zealand
Why is Airtasker acquiring Oneflare?
The Acquisition of Oneflare will enhance the Airtasker customer experience and deliver compelling platform synergies:
Strengthens network effects - Airtasker and Oneflare Customers gain access to a wider range of skills and faster response times whilst Service Pros (including both independent Taskers and verified businesses) get access to more job opportunities than ever before.
Unlocks high value trades opportunity - Airtasker and Oneflare will gain access to a suite of features designed to empower Services Pros in high value service categories including trades, home improvement and professional services.
Single technology platform - Operating a single technology platform to serve a significantly larger user base will create a range of technology, data, brand and financial synergies.
Commenting on the acquisition, Airtasker Co-founder and CEO, Tim Fung, said “I’m super stoked to bring together Airtasker and Oneflare to create Australia’s no. 1 marketplace for local services. Together, we can offer our customers access to an even greater range of local services and faster response times whilst creating more job opportunities than ever before. By acquiring Oneflare, we also accelerate a push into higher value service categories including trades, home improvement and professional services in service of our mission: to empower people to realise the full value of their skills.”