Jun 20, 2018, 04:30 ET
DALLAS, June 20, 2018 /PRNewswire/ -- Match Group Inc. (NASDAQ: MTCH) announced today that it has acquired a 51% ownership stake in Hinge, the New York City-based relationship app. Match Group has the right to acquire all the remaining shares of Hinge within the next 12 months. Additional terms of the transaction were not disclosed.
Match made its initial investment in Hinge in September 2017, following a product redesign that eliminated the 'swipe' feature and enhanced the focus on real relationships. Since that redesign, Hinge's user base has grown by more than 400%, with meaningful traction in key urban, East Coast markets. Impressed with the growth trajectory of the product, Match Group has gradually raised its stake since the initial investment by making a series of primary investments in the company on previously agreed terms to fuel product and marketing.
"Hinge's passion for the user experience and their innovative approach to dating has created a product that is highly relevant particularly among urban, educated millennial women looking for relationships," said Mandy Ginsberg, CEO of Match Group. "We are excited to welcome Hinge to Match Group and leverage our extensive experience to enable them to become a major player in the relationship space."
"Our mission is to provide a culture of thoughtful dating to millennials who are looking for more meaningful, lasting connections," said Justin McLeod, CEO of Hinge. "While our prime focus is on creating the most effective dating service for our members, it's now time for us to bring that service to more people in the US and abroad. We're thrilled to have Match Group's support and scaling expertise as we grow."
About Match Group
Match Group is a leading provider of dating products. We operate a portfolio of brands, including Tinder, Match, PlentyOfFish, OkCupid, OurTime, Meetic, and Pairs, each designed to increase our users' likelihood of finding a meaningful connection. Through our portfolio of trusted brands, we provide tailored products to meet the varying preferences of our users. We currently offer our dating products in 42 languages across more than 190 countries.
Hinge is the dating app for meaningful, lasting connections among millennials. Hinge, headquartered in New York City, is now the #1 mobile-first dating app mentioned in the NY Times Wedding section. It is available in the US, UK, Canada, Australia and India.
SOURCE Match Group
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