HyperConnect announced today that the US NASDAQ-listed Match Group (Match Group) agreed to acquire a 100% stake in HyperConnect for $1.75 billion (about KRW 1.93 trillion). HyperConnect will continue its independent management system after this agreement, and closing (closing the transaction) is expected in the second quarter of this year.
Match Group, which provides over 40 global social apps such as the social discovery app’Tinder’, is a global leader with a market cap of about 47 trillion won, occupying an overwhelming market share in the non-game app sector in global big markets such as North America, Europe, and Japan. It is a business.
HyperConnect is a video and AI-based technology company that provides services such as’Azar’, a video messenger that accounts for 99% of global users. With this agreement, we expect to be able to raise our global competitiveness to the next level in the increasingly fierce global social market.
In addition, it will accelerate its targeting in global big markets such as North America and Japan, and will gain momentum in the launch of new businesses in the global market, such as enterprise and AI human-based next-generation social services that have been prepared for this year. In particular, the successful settlement of’Slide’, a video-based social discovery & dating app recently launched in North America, is expected to be accelerated.
“As people spend more and more time online, people want a richer, more in-depth experience,” said Match Group CEO Shar Dubey. “HyperConnect’s live video and audio technology is available to users across the globe. They provide a powerful means of connecting with new people and new cultures.”
“The innovative technology development HyperConnect has been focusing on since its inception has produced surprisingly impressive results, and the company’s diverse product portfolio and global market presence perfectly complement the Match Group’s portfolio,” said Shar Dubay. In the future, based on the company’s global service know-how in big markets such as North America and Japan, we will not only accelerate the explosive growth of HyperConnect, but also create various synergies with each other by applying HyperConnect technology to the services of the Match Group. We will actively support investments in HyperConnect’s innovative technology.”
Ahn Sang-il, CEO of HyperConnect, said, “In an environment where competition in the global social discovery market is intensifying, we have joined hands with global leaders such as Match Group for greater global growth along with targeting big markets such as North America and Japan.” The group aims to’connect’ users around the world through a trusted brand based on technology, which is in line with the philosophy of HyperConnect. “I’m happy to be partnering with the Match Group, which has proven that even small startups can create business opportunities in the global market with innovative technologies.”