German dating app LOVOO is acquired for USD 70 million by The Meet Group
Frankfurt, 21 September 2017. The Meet Group (NASDAQ: MEET, hereinafter referred to as “TMG”), based in New Hope, Pennsylvania, USA, acquires 100% of LOVOO GmbH (hereinafter referred to as “LOVOO”) for a total consideration of USD 70 million, inclusive of a USD 5 million contingent earn-out. The transaction is expected to close in October 2017.
Geoff Cook, CEO of TMG, said, “We are very excited to expand our global footprint and add LOVOO to our portfolio of apps. LOVOO is our third strategic acquisition in the last 12 months and will represent our largest single app in terms of traffic. 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.” It’s expected that LOVOO will remain a separate brand and standalone mobile application following the closing of the acquisition, which furthers TMG’s strategy to innovate, acquire, and build the largest mobile portfolio of brands for meeting new people.
“After five exciting years we concluded that now would be a perfect time for a sale” Benjamin Bak, CEO and Co-founder of LOVOO, continued. “With TMG we found a buyer that perfectly complements LOVOO’s vision and ideas. ACXIT’s team of highly experienced M&A experts has been fully committed to the success of this deal and did always and at all time go the extra mile for us.”
ACXIT Capital Partners acted as exclusive financial advisor to LOVOO and its Shareholders in this transaction.
ABOUT THE MEET GROUP
The Meet Group (NASDAQ: MEET) is a fast-growing portfolio of mobile apps designed to meet the universal need for human connection. Using innovative products and sophisticated data science, The Meet Group keeps its approximately 2.7 million mobile daily active users engaged and originates untold numbers of casual chats, friendships, dates, and marriages. The Meet Group offers advertisers the opportunity to reach customers on a global scale with hundreds of millions of daily mobile ad impressions. The Meet Group utilizes high user density, economies of scale, and leading monetization strategies with the goal of maximizing adjusted EBITDA. Its apps – currently MeetMe®, Skout®, Tagged®, and Hi5® – let users in more than 100 countries chat, share photos, stream live video, and discuss topics of interest, and are available on iPhone, iPad, and Android in multiple languages. (www.themeetgroup.com)
Founded in 2012, LOVOO is a leading European dating app and the largest German-speaking dating app by downloads. The privately held company is based in Dresden and Berlin, Germany, and is available in 15 languages to its 1.9 million mobile daily active users. LOVOO changes people’s lives by changing how they meet through innovative location-based algorithms and app radar features helping people find successful matches. Learn more about LOVOO by visiting LOVOO.com, downloading the app on iPhone or Android, subscribing to the LOVOO blog, or following LOVOO on Twitter and Facebook. (www.lovoo.com)
ACXIT Capital Partners is a leading independent corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and beyond. Since 1998, ACXIT offers its clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as restructuring, equity/debt and strategic advisory. As an independent, privately owned firm we maintain offices and representations in Frankfurt, Berlin, Munich, Leipzig, Zurich, Hong Kong and New York, as well as strong alliances in France and India. (www.acxit.com)
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Christian Ramme, Managing Director