IAC's Match.com to Acquire Singlesnet
25 Feb, 2010, 12:30 ET
DALLAS, Feb. 25 /PRNewswire-FirstCall/ -- Match.com, an operating business of IAC (Nasdaq: IACI), announced today that it has signed an agreement to acquire Singlesnet, one of the most visited online dating sites in the United States. Terms of the deal are not being disclosed.
"Singlesnet has built a heavily trafficked site with an active and dedicated community of users," said Greg Blatt, CEO of Match.com. "While Singlesnet's traffic is currently in decline, we believe that by applying our category expertise we can reverse that trend, increase the site's profitability and improve the overall user experience. This is more of a value acquisition than a strategic one, and Singlesnet will predominantly be run as a standalone business. Nonetheless, the addition of the site's considerable traffic to our existing aggregation of traffic in this single category should open new monetization opportunities for Match.com's collective portfolio of domestic online dating brands."
"Match.com has been the standard-bearer for the entire online dating industry, so we're excited to team up with them," said Singlesnet founder and CEO Quinn Lipin. "Singlesnet boasts a vibrant user community where members are constantly emailing and IMing each other, and I believe working with Match.com will enable us to re-start growth in the business."
Adrian Ong, who joined Match.com from Soulmates Technology, a company acquired by Match.com in 2002, will assume responsibility for Singlesnet. Mr Ong has held various leadership roles within Match.com's International business, primarily in the areas of product and technology, and most recently has led Match.com's effort to transition its European business to Meetic in connection with its sale last year. Mr Lipin will continue to work for the company in an executive capacity.
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 14-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).
A leader in the online dating community since 1998, Singlesnet is one of the most visited online dating Web sites in the world. Members can search for and communicate with thousands of singles across the United States. As one of the most vibrant online communities, Singlesnet connects singles via instant messaging, online forums, emails and chat rooms.
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