Dutch startup Elastic, the company behind Tinder’s search interface, has carried out an IPO on the New York Stock Exchange.
The open-source tech firm closed the day with a price of $70 per share, up 94.4% from an initial $36. It will use the ticker ‘ESTC’.
Elastic’s main product is Elasticsearch, a stack used by Uber and Tinder to help users narrow down who they want to interact with.
Its implementation on Tinder is to power bidirectional search functions, using machine learning and data science to only show singles with compatible settings.
Chief Executive Shay Banon said: “Looking ahead, we’re going to keep executing and building great products that our customers need and love.”
“We’re very happy to be public, and we feel that it is an important maturity event on our journey to build a successful company.”
Tinder’s parent Match Group saw its stock jump over 15% in September. The Motley Fool analyst Beth McKenna calls it the “800-pound gorilla” of the online dating space.
Nasdaq commentator Leo Sun feels that the biggest threat to Match Group’s dominance is the possibility of a Bumble IPO.
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