The Meet Group to scoop up German dating app for $70 million - Technical.ly Philly

Business

Sep. 20, 2017 8:30 am

The Meet Group to scoop up German dating app for $70 million

LOVOO is the top dating app in German-speaking countries. It's the latest app to join the portfolio from the Bucks County camp.

LOVOO's radar system.

(Video by LOVOO)

New Hope, Pa.-based The Meet Group keeps adding social media platforms to its catalog.

This time, the Bucks County company entered a definitive agreement to buy up a German location-based dating app called LOVOO. It’s the top dating app in German speaking countries, including its home base as well as Austria and Switzerland.

The $70-million deal is expected to close in October, financed partly in existing cash on hand and a “a non-dilutive increase to $80 million of the company’s existing debt facility, with JPMorgan Chase Bank, N.A. and Silicon Valley Bank acting as co-lead agents,” according to a statement from the company.

After the sale is complete, LOVOO is expected to remain a standalone brand. All 97 full-time LOVOO staffers, spread between the company’s Berlin and Dresden offices, will receive job offers to stay on after the move is completed. CEO Benjamin Bak will also remain in place for another six months to assist with the transition. Germany will stay their primary hub.

Geoff Cook, CEO of The Meet Group, said in a statement the LOVOO acquisition means the expansion of the firm’s global footprint.

“LOVOO is our third strategic acquisition in the last 12 months and will represent our largest single app in terms of traffic,” said Cook. “We are focused on accelerating growth across our portfolio of brands through innovating our live-streaming video product and sharing best practices in monetization and engagement across the portfolio.”

After the deal is complete, LOVOO would become The Meet Group’s most trafficked app with a reported pool of 5 million monthly active users.

-30-
VIEW COMMENTS

Advertisement

Sign-up for regular updates from Technical.ly

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