Match Group Buys South Korean Social Media Company for $1.73B
Online-dating company Match Group Inc. has reached an agreement to acquire South Korean social-media company Hyperconnect for $1.73 billion, broadening its services beyond connecting people in their love lives.
The cash-and-stock deal, announced Tuesday, marks Match Group’s largest acquisition to date.
Hyperconnect, based in Seoul, has developed two video apps that focus on helping people interact one-on-one and with new communities. Hyperconnect’s first app, Azar, offers live video and audio chat and can instantly translate voice and text for users that speak different languages. Hyperconnect’s other app, Hakuna Live, is a social live-streaming app that provides group video and audio broadcasts.
The apps broaden Dallas-based Match Group’s software offerings to include linking casual friends. Match operates several dating apps, including Tinder, Hinge and OkCupid, as well as its namesake brand.
The pandemic has fueled demand for apps that help people connect. Rival dating-app company Bumble Inc. is preparing a public listing with a valuation expected in the range of $6 billion to $8 billion.