Among Australia’s leading online services marketplace, Airtasker is set to acquire the assets of competitor platform Oneflare for $9.8 million.
This acquisition brings together two platforms allowing tradespeople and other professionals to perform odd jobs and services, from plumbing to cleaning, gardening to tax accountancy, and more.
Founded in 2011, Oneflare is the third largest local services platform, serving 540,000 customers and 14,500 verified businesses annually, particularly in the trade, home improvement and professional services spaces.
Reportedly, Airtasker will raise approximately $6.25 million through a fully underwritten placement to support the cash component of the deal, investments into Oneflare in FY23 and other costs relating to the acquisition and placement.
The bulk of the acquisition - approximately $7.55 million - will be paid by giving Oneflare's owners Airtasker shares that will be held under escrow, with the remaining $2.25 million to be paid in cash.
The Sydney-based online services marketplace platform believes the acquisition will enhance the customer experience and deliver synergies by giving customers a wider range of skills to draw upon.
“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,” Airtasker Co-founder and CEO Tim Fung said.
“By acquiring Oneflare, we also accelerate a push into higher value service categories including trades, home improvement and professional services to deliver on our mission: to empower people to realise the full value of their skills.”
With an extensive integration underway, Oneflare’s brand will retire within two years as it is progressively combined with Airtasker’s existing platform.