Under a USD 1.7 billion cash-and-stock deal, Match Group would acquire South Korean social discovery and video streaming company Hyperconnect. Match Group is a US-based online dating service provider operating multiple social apps such as Tinder, OkCupid, Meetic, and Hinge. To date, the Hyperconnect deal is Match Group’s largest acquisition transaction, and they would finalize it by 2021’s second quarter. Amid the Covid-19 outbreak, the market growth for online social discovery and live streaming platforms increases. In the joint press release, Match Group announced they would optimize the social discovery growth to facilitate more virtual connections.
“We will leverage our deep bench of expertise to help accelerate Hyperconnect’s already-impressive growth, look to deploy Hyperconnect’s techniques across our existing portfolio, and continue to invest in their growth,” said Shar Dubey, Match Group’s CEO. Previously, Match Group only focused on online dating services, but now they are expanding business operations to social discovery platforms. Following the acquisition, Hyperconnect would still operate independently, but the two companies would infuse their business strategies and technologies.
Launched in 2014, Hyperconnect is a Seoul-based IT company currently operating two AI-based flagship apps, Azar and Hakuna Live. Hyperconnect’s apps feature advanced video technologies and safe and efficient connectivity. Azar is a one-on-one video and audio streaming app that provides users real-time voice and text translation. Since its release in 2014, Azar has hit more than 500 million cumulative downloads and operates in 230 countries. Hakuna Live is an interactive social platform that supports group video and audio live streaming. As of 2020, Hakuna Live has acquired over 10 million downloads globally, with popularity in Japan and South Korea.
“Match and Hyperconnect draw from a common philosophy: utilize technology and know-how to drive meaningful connections through trusted brands that users love,” said Sam Ahn, Hyperconnect’s CEO. “Hyperconnect is proof that technology can create global opportunities—even for a small start-up from South Korea—and we’re thrilled to have found a partner that values this thinking.” Last year, Hyperconnect earned USD 200 million in revenue, increasing the company’s 2019 revenue by 50 percent. With the Hyperconnect deal, the two companies expect to enhance the global audio and video social connection platforms.
Check out other must-read articles from KoreaTechToday:
- COMEUP 2020 Day 3: The Shifting Media Landscape and Opportunities for the OTT Market
- Naver Buys Wattpad For 653 Billion Won
- NCSoft Introduces New Mission Statement PUSH, PLAY
- Top 8 South Korean Mobile MMORPG to Watch Out For in 2021