The Meet Group, Inc. (NASDAQ:MEET), a public market provider of the mobile meeting space, has announced it has executed a definitive agreement to acquire LOVOO, a social dating app, for USD 70 million in cash, inclusive of a USD 5 million contingent earn-out, the company said.
This acquisition furthers The Meet Group´s strategy to innovate, acquire, and build the largest mobile portfolio of brands for meeting new people. The LOVOO acquisition is expected to expand The Meet Group´s global footprint, increase the company´s scale and profitability, and diversify its business model by adding expertise in subscription and in-app purchasing.
The Meet Group is a portfolio of mobile apps designed to meet the universal need for human connection. Using innovative products and sophisticated data science, The Meet Group keeps its approximately 2.7 million mobile daily active users engaged and originates untold numbers of casual chats, friendships, dates, and marriages.
Founded in 2012, LOVOO is a European dating app and the largest German-speaking dating app by downloads. The privately held company is based in Dresden and Berlin, Germany, and is available in 15 languages to its 1.9 million mobile daily active users. LOVOO changes people´s lives by changing how they meet through innovative location-based algorithms and app radar features helping people find successful matches.