Online dating platform Match Group agreed yesterday to buy South Korea-based online communication technology provider Hyperconnect for approximately $1.73bn, which would allow telecommunications and internet group SoftBank to exit.
Founded in 2014, Hyperconnect operates a one-on-one video and audio chatting app called Azar that has been downloaded more than 540 million times, and Hakuna Live, a group livestreaming app featuring augmented reality avatars that has been downloaded more than 23 million times.
The company generated more than $200m in revenue over the course of 2020 and claims it is already profitable.
Match Group CEO Shar Dubey said: “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. With more than 75% of usage and revenue coming from markets spread across Asia, their product suite and regional footprint squarely complements our own.
“We will leverage our deep bench of expertise to help accelerate Hyperconnect’s already-impressive growth, look to deploy Hyperconnect’s technologies across our existing portfolio and continue to invest in their growth.”
The company had raised $8.6m in series A funding from SoftBank Ventures and venture capital firm Altos Ventures in 2015, the latter having already supplied $2m in seed capital the previous year.
