Sydney-based leading online services marketplace Airtasker has completed the acquisition of competitor platform Oneflare for AUD 9.8 million (USD 6.9 million), after the Australian Competition and Consumer Commission (ACCC) withdraws concerns surrounding the acquisition .
The purchase price of $9.8 million includes $7.55 million in Airtasker shares, issued at $0.43 per share - a 15.9% discount on the company’s trading price the day before the deal was announced of $0.51 per share - and $2.25 million in cash, reports reveal.
Founded in 2011, Oneflare is the third-largest local services platform which serves 540,000 customers and 14,500 verified businesses annually, particularly in the trade, home improvement and professional services spaces.
"We're so thrilled to complete the acquisition of Oneflare - a quality asset which will help Airtasker offer our customers access to an even greater range of local services and faster response times whilst creating more job opportunities than ever before,” said Tim Fung, Airtasker CEO.
“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.”
With their combined capabilities, Airtasker is looking forward to enhancing customer experience and delivering platform synergies by strengthening network effects, unlocking high-value trade opportunities, and providing a single ‘one-stop-shop’ technology platform.
The proposed acquisition was announced on May 4, however, the confirmation was delayed by a week following enquiries from the competition watchdog.
With ACCC confirming there will be no public review of the acquisition pursuant to section 50 of the Competition and Consumer Act 2010, Airtasker also announced a capital raise of $6.25 million from institutional and sophisticated investors.
According to reports, the Australian online marketplace will complete the acquisition of OneFlare and settle the private placement on May 25 2022.