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.

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.

Companies: The Meet Group, MeetMe
-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

IOpipe has been acquired by West Coast-based New Relic

Emarketing company Monetate will be acquired by a Dallas-based cloud biz

Exton cell and gene therapy company Fibrocell will be acquired for $63.3M

SPONSORED

Philly

How Relay is helping enterprise clients get proactive about customer engagement

Philadelphia

Perpay

UX Designer

Apply Now

Chesterbrook, PA

Deacom

Inside Sales Representative

Apply Now

Horsham, PA

Penn Mutual

Product Owner/Business Transformation Specialist

Apply Now

Aramark just bought an on-demand food delivery service app

Hero Digital is acquiring Austin-based marketing company Bulldog Solutions

JP Morgan Chase scoops up InstaMed, but the healthcare-tech company isn’t leaving Philly

SPONSORED

Philly

These hiring companies want to meet you at NET/WORK Suburbs

Center City

Inspire

Member Experience Specialist

Apply Now

Philadelphia, PA

Perpay

Frontend Engineer

Apply Now

Philadelphia

Perpay

Senior Data Scientist

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!