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16 Feb 2001
Microsoft is significantly scaling back its HomeAdvisor online home buying and financing business, only eleven months after launching it.
According to the Wall Street Journal, the software giant has u-turned on its original plans, announced in March last year, to keep HomeAdvisor as an independent business and potentially take it public.
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It now plans to sell off the part of the organisation that develops applications to help mortgage companies automate the home buying process, and absorb the rest into its MSN unit. This includes the HomeAdvisor website and the Realty Desktop package for estate agents.
A Microsoft spokewoman explained that HomeAdvisor did not fit in with the company's goals and aims for the MSN business.
Microsoft is the majority investor in HomeAdvisor, alongside the LabMorgan and JP Morgan Partners arms of JP Morgan Chase & Co, General Motor's GMAC Residential Funding, and two mortgage companies. The company has about 100 staff.
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