The Meet Group has completed its $70m acquisition of LOVOO, the company announced today.
The deal was announced on 20th September, and marks The Meet Group’s third major acquisition in a year.
The public company wants the purchase to continue its mission to “meet the universal need for human connection through innovating, acquiring, and building the largest mobile portfolio of brands for meeting new people.”
LOVOO was founded in 2012, and currently has over 5m MAUs and 1.9m DAUs, according to the joint press release.
The German company, which has 97 full-time employees in Dresden and Berlin, also has a trailing 12 month revenue of €27.2m or $32.4m based on current exchange rates.
After the deal is closed, The Meet Group expects its MAUs to increase by 48% to 15.8m, and its DAU to increase 71% to 4.6m.
Mobile chats will also rise 19.9% to 74.6m and daily new mobile users will increase by 32% to 146,000.
Geoff Cook, CEO of The Meet Group said: “LOVOO is our third strategic acquisition in the last 12 months, and we’re looking forward to advancing our combined company’s growth.
“We plan to continue to focus on innovating products that increase engagement across our entire portfolio of brands, including livestreaming video and in-app gifting.
“LOVOO’s sizable European audience and subscription focus give us greater revenue and geographic diversification, and we’re excited to add them to the portfolio.”
With the closing of the acquisition, The Meet Group granted restricted stock awards representing an aggregate of 534,500 shares of common stock to 97 Lovoo employees as an inducement material to their employment.
Each restricted stock award vests one-third each year during a three-year vesting period, and is subject to continued employment.
The Meet Group will also host a conference call on 1st November at 8:30 a.m. ET to discuss details and answer questions about the company’s financial results for the third quarter ended September 30, 2017.
Read more here.