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Match Group is clearly expanding, and as it continues to grow not just in the U.S. but overseas, it is aiming to further broaden its reach. One of the first steps that the Dallas-based company is doing to achieve its goal is to acquire the South Korean video technology company called Hyperconnect.
Part of Match Group’s goal is to expand in Asia, so this decision is important for the company. It will be shelling out $1.73 billion and will be paid in both cash and stock. It is hoped that Hyperconnect will be able to help develop the online dating site’s features and more.
What Match Group will gain with the deal
The Wall Street Journal reported the acquisition of Seoul-based Hyperconnect is Match Group’s biggest investment yet. With the addition of a new subsidiary in its fence, the American company can broaden its services and may offer more aside from connecting and matching people to be their partners.
Match Group also has a lot to gain from the deal because Hyperconnect is not just a company that provides video and AI-powered social discovery products. It also houses two popular apps called the Hakuna Live and Azar.
These let users connect with each other despite language barriers. The Azar mainly offers the service of one-to-one video chats, while Hakuna Live is more on the online live broadcasting.
Hyperconnect to offer a deeper experience to users
These products are clearly complementary to the service being offered by Match Group, so it is a good combination. In a statement, Hyperconnect’s CEO explained how their products will be beneficial.
"As more of our lives move online, people are looking for richer and deeper experiences," Shar Dubey, Match Group CEO said via press release. "Hyperconnect's live video and audio engagement technology is a powerful tool that enables users to connect with new people and cultures on a global basis. Hyperconnect's engineering team is relentlessly imaginative and creative.”
Moreover, Hyperconnect is estimated to have earned around $200 million in 2020. This figure is up by 50% compared to its revenue from 2019. This just shows that earnings are going up, and this will surely boost Match Group’s profits as well once the work between the companies begins.
