Feb 9, 2021 - Technology

Match Group to buy Korean social media company in $1.73 billion deal

Photo of a hand holding a phone with the Match app details from the App Store on the screen

Photo: Andrew Harrer/Bloomberg via Getty Images

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.

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