CHANNELNEWSASIA – Dec 8 – Paktor has agreed to acquire a controlling stake in Taiwanese start-up 17 Media, which owns a photo-sharing and live streaming app that has ~15M users worldwide. The deal marks Paktor's first acquisition and comes as the homegrown start-up looks to diversify into the social entertainment space. Following the acquisition, Paktor Group CEO Joseph Phua will take on the role of CEO at 17 Media, while Mr Jeffrey Huang, founder of 17 Media, will remain as chairman. Paktor is a mobile dating app which offers users to find partners by swiping right to "like" potential matches or left to "reject". The app has amassed ~15M users and operates in six Southeast Asian countries and Taiwan.
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Summarized by the Courtland Brooks team