The online dating company will look to deploy Hyperconnect's technologies across its existing portfolio
Hyperconnect to be acquired Match Group. (Credit: Pete Linforth from Pixabay)
Match Group, a US-based online dating service company, has agreed to acquire South Korean social discovery and video technology company Hyperconnect in a cash-cum-stock deal worth $1.72bn.
Hyperconnect is the operator of the Azar and Hakuna Live apps.
Azar is a 1-on-1 live video and audio chat app that enables users across the world to connect with others. The app instantly translates voice and text.
Launched nearly seven years ago, the Azar app is said to have been downloaded 540 million times.
On the other hand, the Hakuna Live app is an interactive, social live streaming application that provides group video and audio broadcasts. The app comes with features such as virtual gifting, augmented reality (AR) powered avatars, profile enhancements, and communities created around shared interests.
Launch in 2019, the Hakuna Live app is claimed to have been downloaded over 23 million times.
According to Match Group, Hyperconnect’s efforts in research and development resulted in the application and deployment of mobile WebRTC (Real-Time Communication) in 2014.
Hyperconnect’s revenue in 2020 was $200m, which is a 50% increase compared to 2019.
Match Group CEO Shar Dubey said: “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. 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.”
Match Group, through its portfolio companies, provides dating products such as Tinder, Match, Meetic, Pairs, OkCupid, Hinge, PlentyOfFish, and OurTime.
Hyperconnect CEO Sam Ahn said: “As the social discovery space continues to expand, the timing couldn’t be better to partner with a global operating expert like Match Group.
“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.”
The deal, which is subject to receipt of customary regulatory approvals, is expected to close in the second quarter of this year.