IAC's Match.com Acquires OkCupid
NEW YORK, Feb. 2, 2011 /PRNewswire/ -- Today Match.com, an operating business of IAC (Nasdaq: IACI), announced that it has acquired OkCupid, the U.S. online dating company, for $50 million in cash, plus potential future payments contingent upon performance.
Over the past 18 months, OkCupid has experienced substantial member growth by establishing a more casual, low-hurdle dating environment that has resonated with younger adults. Unlike IAC's other dating sites, OkCupid generates revenues primarily through advertising, and over the last year has been the fastest growing dating site in the advertising-based category.
"OkCupid has been a real innovator in our space, and the dating environment they've created has struck a chord with a younger demographic. I think it's clearly the best site in its competitive set, with better features and a more distinctive personality than any other advertising-based site," said Greg Blatt, CEO of IAC. "We know that many people who start out on advertising-based sites ultimately develop an appetite for the broader feature set and more committed community, which subscription sites like Match.com and Chemistry.com offer, creating a true complimentary relationship between our various business models. 2010 saw record growth both for Match and OkCupid, and we believe coordinating the adjacent business models will help fuel continued growth for both. This acquisition therefore goes a long way toward our objectives of bringing new people into the online dating world, offering the ability to meet in whatever type of online setting, and at whatever commitment level, our members desire, and facilitating a seamless evolution of the online dating experience without ever having to leave our portfolio of sites."
"We are excited to join forces with Match because it is clear that no company is more committed to helping people find relationships," said Sam Yagan, co-founder and CEO of OkCupid. "This marriage offers us the best of both worlds: the autonomy to continue pursuing OkCupid's original vision and the ability to leverage Match's reach and expertise to grow even faster."
Sam Yagan, the co-founder and CEO of OkCupid will continue to run the business and oversee all day-to-day operations from OkCupid's office in New York.
IAC operates more than 50 leading and diversified Internet businesses across 30 countries... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at http://iac.com/.
Match.com pioneered online personals when it launched on the Web in 1995 and continues to lead this exciting and evolving category after more than a decade. Throughout its 16-year history, Match.com has helped redefine the way people meet and fall in love. Match.com provides a rich tapestry of ethnicities, interests, goals, ambitions, quirks, looks and personalities from which to choose. Match.com operates some of the leading subscription-based online dating sites in 25 countries, in 8 languages and spanning five continents, as well as oversees its ongoing investment in Meetic. Match.com also powers online dating on MSN across Asia, Australia, the United States and Latin America. Match.com is an operating business of IAC (Nasdaq: IACI).
Since its launch in 2004, OkCupid has combined great features with an engaged community to become the fastest growing advertising-based dating site. The site also publishes the well-known social media blog, OkTrends, which is read by over one million people monthly. OkCupid can be followed on Twitter: @okcupid.
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