NEW YORK, Sept. 14, 2011 /PRNewswire/ -- Today Match.com, an operating business of IAC (Nasdaq: IACI), announced that it has acquired a 20% interest in Zhenai Inc., a leading provider of online matchmaking services in China. Terms of the investment are not being disclosed at this time.
Launched in 2005 by Dr. Song Li, Zhenai provides integrated Internet and telephone matchmaking services to China's rapidly growing single population who are looking for long-term relationships. Zhenai has established a large and growing user base of over 30 million registered members that have the ability to create their own personal profiles, search or browse for member profiles, and communicate with members through the Zhenai.com website. Most distinctly, Zhenai commands especially high subscription rates due to subscribers' access to over 1000 professional matchmakers at Zhenai's call centers who are available to provide subscribers with advice and consultation throughout the dating process.
"Given the rapid growth in China's online personals market, we felt that Zhenai was the best opportunity for Match.com to further expand our global footprint by partnering with a local market leader," said Greg Blatt, IAC, CEO. "With a strong management team led by Founder, Chairman, and CEO Dr. Song Li, we believe that Zhenai will continue to flourish as the Chinese online personals market expands and we are excited for the many opportunities that this investment brings."
"We are thrilled to have the global leader in online dating join us as a strategic investor," said Zhenai founder and CEO Dr. Li. "We look forward to leveraging their vast knowledge in this arena to continue to innovate and develop new services to meet the growing demand for online personals in China."
Cowen Latitude acted as the exclusive financial advisor to Zhenai on the transaction.
About IAC
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/.
About Match.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. 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).
Contact Information:
IAC Investor Relations
Nick Stoumpas
(212) 314-7495
IAC Communications
Nicole Albertson
(212) 314-7254
SOURCE IAC
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