Social network MeetMe acquires San Francisco-based Skout - Technical.ly Philly

Business

Jun. 30, 2016 9:30 am

Social network MeetMe acquires San Francisco-based Skout

Skout announced this week it will be fully acquired by MeetMe come October.

MeetMe has an office at the WeWork in Northern Liberties.

(Photo courtesy of Tom Zabielski)

Almost 18 months had passed since Geoff Cook, CEO of MeetMe tweeted anything.

Then on Monday, Cook broke his Twitter silence when he gave this a RT:

Don’t let the profile pic fool you: that’s no Charlie Brown. It’s venture capitalist Marc Andreessen, who was gleefully announcing that Skout — a San Francisco-based dating and friendship app in the Andreessen Horowitz portfolio — had been bought for $28.5 million in cash and some 5.37 million shares of MeetMe.

All told, that’s a cool $55 million.

For the New Hope, Pa.-based MeetMe, this adds 3.5 million monthly active users (MAUs) to its platform, bringing the combined MAU count of both platforms to 8.5 million across more than 100 countries. That’s a 69 percent hike from MeetMe’s 5 million MAUs according to its May stats.

Skout is expected to remain its own company and retain its San Francisco base once the acquisition is finalized this October. Both cofounders, along with its staff of 30, will stay with Skout.

For MeetMe’s Cook, acquiring the company was an eight-year chase. He’d been staking out Skout since way before Tinder was a thing.

“I’ve known and tracked the company for more than eight years,” said Cook. “We share not only the same vision but also many of the same key engagement metrics.”

According to Cook, this move has given the company a pathway to reach $100 million in yearly revenue by 2018.

Will they get there? Time will tell.

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

The hottest new Twitter account is … the Pennsylvania Treasury?

Exton-based insurance software firm iPipeline purchased for $1.6B

Aramark just bought an on-demand food delivery service app

SPONSORED

Philly

Why this dev planted roots at The Philadelphia Inquirer after starting her career abroad

Philadelphia, PA

Technical.ly Match

Web Manager

Apply Now
Philadelphia, PA

PromptWorks

Senior Software Engineer

Apply Now
Chesterrbrook, PA

Deacom

Software Quality Analyst

Apply Now

It’s #WorldEmojiDay, and Philly Twitter is proving an emoji is worth 1,000 words

Inside the IRL social lives of Philly’s Reddit moderators

Government social is the broccoli of the internet

SPONSORED

Philly

Meet these 10 hiring companies at Super Meetup

Philadelphia

Vistar Media

Front End Engineer

Apply Now
Philadelphia

Vistar Media

Sr. Software Engineer

Apply Now
Philadelphia, PA - Center City

Odessa

Sr. Project Manager

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!