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

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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.

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Roberto Torres

Roberto Torres became Technical.ly Lead Philly Reporter in May 2016. Prior, he was a freelance contributor to Technical.ly and Al Dia News. The native Venezuelan moved to Philadelphia in 2015 after reporting on research at his alma mater, the University of Zulia. Whenever he's not fencing deadlines, he can be found standing in line at Overbrook Pizza in West Philly, running Netflix/Hulu marathons with his wife or reading news from Venezuela.

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