Tinder-owner Match Group announced that it’s acquiring South Korean social discovery products maker Hyperconnect in a deal worth $1.725 billion in cash and stock. The deal is expected to close in the second quarter of 2021.
The Seoul-based Hyperconnect reported $200 million in revenue in 2020 with a 50% Y/Y growth. It is widely famous for its social discovery apps Azar and Hakuna.
Azar is the top grossing one-to-one video chat app globally with over 540 million app downloads. It was launched in 2014 and offers simultaneous voice and text translation enabling its users to chat with others on the platform without a language barrier.
Hakuna Live is a live streaming app allowing users to invite guests up to 3 people. It also offers a Radio mode and virtual gifts which allows users to earn money from their broadcasts. It was launched in 2019 and has generated 23 million app downloads so far. It’s highly popular in Japan and South Korea.
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“Hyperconnect’s live video and audio engagement technology is a powerful tool that enables users to connect with new people and cultures on a global basis,’’ said Match Group CEO Shar Dubey. ‘’Hyperconnect’s engineering team is relentlessly imaginative and creative. With more than 75% of usage and revenue coming from markets spread across Asia, their product suite and regional footprint squarely complements our own. We will leverage our deep bench of expertise to help accelerate Hyperconnect’s already-impressive growth, look to deploy Hyperconnect’s technologies across our existing portfolio, and continue to invest in their growth.”
“As the social discovery space continues to expand, the timing couldn’t be better to partner with a global operating expert like Match Group” said Hyperconnect CEO Sam Ahn. “Match and Hyperconnect draw from a common philosophy: utilize technology and know-how to drive meaningful connections through trusted brands that users love. 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.”