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

Growth

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.

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.

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