Match Group to buy Korean social media company in $1.73 billion deal
Online dating company Match Group announced Tuesday plans to acquire Korean social discovery company Hyperconnect for $1.73 billion.
Why it matters: The deal signals Match Group’s ambitions beyond online dating and is its largest acquisition to date, per Wall Street Journal.
Details: Hyperconnect’s two apps focus on facilitating engagement.
- Azar is a live video and audio chat platform that translates voice and text in real time for users around the world.
- Hakuna Live is a live-streaming app for video and audio broadcasts and includes features like augmented-reality powered avatars.
- The company is based in Seoul, South Korea.
The big picture, via Axios’ Sara Fischer: Dating apps have been pushing to introduce new features, including live video chat, to help users connect, especially amid the pandemic where in-person contact is limited.
- Match Group owns dating apps Tinder, Hinge and OkCupid, among others, in addition to its namesake platform. The company spun off from IAC last year.
What they’re saying: "Match and Hyperconnect draw from a common philosophy: utilize technology and know-how to drive meaningful connections through trusted brands that users love,” Hyperconnect CEO Sam Ahn said in a statement.