German dating application LOVOO is acquired for USD 70 million because of The Meet Group

German dating application LOVOO is acquired for USD 70 million because of The Meet Group

Frankfurt, 21 September 2017. The Meet Group (NASDAQ: MEET, hereinafter named “TMG”), located in brand brand brand brand New Hope, Pennsylvania, United States Of America, acquires 100% of LOVOO GmbH (hereinafter known as “LOVOO”) for the consideration that is total of 70 million, inclusive of the USD 5 million contingent earn-out. The deal is anticipated to shut in October 2017.

Geoff Cook, CEO of TMG, stated, “We have become excited to grow our footprint that is global and LOVOO to your profile of apps. LOVOO is our 3rd acquisition that is strategic the past one year and can express our biggest solitary application when it comes to traffic. We have been dedicated to accelerating development across our profile of brands through innovating our live-streaming video clip item and sharing guidelines in monetization and engagement throughout the portfolio.” It’s expected that LOVOO will stay a brand that is separate standalone mobile application after the closing associated with the purchase, which furthers TMG’s strategy to innovate, obtain, and build the biggest mobile profile of brands for fulfilling brand brand brand new individuals.

“After five exciting years we determined that now could be a purchase” Benjamin Bak, CEO and Co-founder of LOVOO, proceeded. “With TMG we found a buyer that perfectly complements LOVOO’s eyesight and tips. ACXIT’s group of highly experienced M&A professionals was completely dedicated to the prosperity of this deal and did constantly and also at all time get the additional mile for us.”

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ACXIT Capital Partners acted as exclusive economic consultant to LOVOO and its particular investors in this deal. Continue reading