BUSINESSWIRE – Sep 20 – The Meet Group is acquiring Lovoo, a social dating app, for $70M in cash, inclusive of a $5M contingent earn-out. Lovoo is a social and mobile technology company based in Germany, #1 dating app in German speaking countries (Germany, Switzerland and Austria) in terms of app store downloads. Lovoo has €27.2M in revenues (based on Subscriptions 48%; In-app Purchases 24%; Ads 28%); 5M monthly active users and 1.9M daily active users; 47k new global registrations per day; and 97 full-time employees spread across Dresden and Berlin. The Company expects that Lovoo will remain a separate brand and standalone mobile app following the closing of the acquisition, and that Lovoo's headquarters will remain in Dresden, Germany. The Meet Group's portfolio includes MeetMe, Skout, Tagged, and Hi5.
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Summarized by the Courtland Brooks team