DALLAS and SEOUL, South Korea, June 17, 2021 /PRNewswire/ -- Match Group
(NASDAQ: MTCH) announced today it has completed the acquisition of
Hyperconnect, a leading social discovery and video technology
company. The $1.725 billion
transaction was completed 50% in cash and 50% in Match Group
stock.
"Hyperconnect's forward-looking technology has already forged
new ways for the next generation to make friends and engage with
new people, regardless of borders and language barriers," said
Shar Dubey, CEO of Match Group. "Our
immediate goal is to accelerate Hyperconnect's growth, while
deploying their technology across our portfolio, helping to ensure
people around the world have access to the best products to meet
new people, and create joyful connections."
Based in South Korea,
Hyperconnect employs more than 400 people, of which approximately
half are top-tier engineers, and operates two social discovery
apps: Azar® and Hakuna Live™. Azar® offers 1:1 live video and voice
chat with a strong presence across Asia and growing in Europe. Hakuna Live™, which launched in 2019,
provides one to many or group live video, audio, and avatar-based
streaming with a highly engaged user base in South Korea, Japan and other markets across Asia.
"We're thrilled to start capturing the huge synergy potential
between Hyperconnect and Match Group's portfolio of world-class
brands," said Sam Ahn, CEO of
Hyperconnect. "We see clear pathways to turbocharge Hyperconnect's
growth while adding value to Match Group through our unique
technology."
About Match Group
Match Group (NASDAQ: MTCH), through its portfolio companies, is
a leading provider of dating services available globally. Our
portfolio of brands includes Tinder®, Match®, Meetic®, OkCupid®,
Hinge®, Pairs™, PlentyOfFish®, and OurTime®, as well as a number of
other brands, each designed to increase our users' likelihood of
finding a meaningful connection. Through our portfolio companies
and their trusted brands, we provide tailored services to meet the
varying preferences of our users. Our services are available in
over 40 languages to our users all over the world.
About Hyperconnect
Hyperconnect is a global video, AI and AR technology company
headquartered in Seoul, South
Korea. Founded in 2014, Hyperconnect is the operator of
groundbreaking social discovery products including real-time video
chat app 'Azar' and social live streaming platform 'Hakuna
Live.'
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This press release may contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements that are
not historical facts are "forward looking statements." The use of
words such as "anticipates," "estimates," "expects," "plans" and
"believes," among others, generally identify forward-looking
statements. These forward-looking statements include, among others,
statements relating to: Match Group's future financial performance,
Match Group's business prospects and strategy, anticipated trends,
and other similar matters. These forward-looking statements are
based on management's current expectations and assumptions about
future events, which are inherently subject to uncertainties, risks
and changes in circumstances that are difficult to predict. Actual
results could differ materially from those contained in these
forward-looking statements for a variety of reasons, including,
among others: uncertainties related to, among other things, the
costs and expected benefits of the transaction, any litigation
arising out of or relating to the transaction, and the impact of
the transaction on the business of Match Group; and other
circumstances beyond Match Group's control. Certain of these and
other risks and uncertainties are discussed in Match Group's
filings with the Securities and Exchange Commission. Other unknown
or unpredictable factors that could also adversely affect Match
Group's business, financial condition and results of operations may
arise from time to time. In light of these risks and uncertainties,
these forward-looking statements may not prove to be accurate.
Accordingly, you should not place undue reliance on these
forward-looking statements, which only reflect the views of Match
Group management as of the date of this press release. Match Group
does not undertake to update these forward-looking statements.
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SOURCE Match Group