Home Depot acquires home services platform provider

Home Depot has announced the purchase of Redbeacon, an online matchmaker that connects consumers with contractors for home repairs, maintenance and remodeling. The purchase price was not disclosed. 

Based in the San Francisco Bay Area, Redbeacon connects homeowners with a network of plumbers, electricians, landscapers, house cleaners and other service providers that have been pre-screened and background checked. Through Redbeacon, professionals can bids on jobs that are submitted -- by email or mobile app -- by consumers. Redbeacon then helps set up the appointment. 

Redbeacon's leadership team will stay in place at company headquarters in San Mateo, Calif. 

Peter J. Solomon Co. acted as financial adviser, and Cleary Gottlieb Steen & Hamilton LLP acted as legal adviser to The Home Depot, according to the announcement.