The Meet Group to Acquire LOVOO
The Meet Group, Inc. (NASDAQ:MEET), a public market leader in the mobile meeting space, today announced it has executed a definitive agreement to acquire LOVOO, a social dating app, for $70 million in cash, inclusive of a $5 million contingent earn-out. This acquisition furthers The Meet Group’s strategy to innovate, acquire, and build the largest mobile portfolio of brands for meeting new people. The LOVOO acquisition is expected to expand The Meet Group’s global footprint, increase the company’s scale and profitability, and diversify its business model by adding expertise in subscription and in-app purchasing.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170920005645/en/
LOVOO is a social and mobile technology company based in Germany:
- The #1 Dating App in German speaking countries (Germany, Switzerland and Austria) in terms of app store downloads. Top 3 in Southern Europe (Italy, Spain and France)
- Trailing twelve-month revenue of €27.2 million or $32.4 million based on current exchange rates
- Diversified revenue streams: Subscriptions 48%; In-app Purchases 24%; Ads 28%
Expected to represent The Meet Group’s largest single app in terms of
- Approximately 5 million monthly active users (MAU) and 1.9 million daily active users (DAU)
- 47,000 new global registrations per day
- 97 Full-time employees – Dresden and Berlin
Key highlights of the expected scale of The Meet Group plus LOVOO include:
- Projected Mobile MAU of 15.8 million, an increase of 48% from The Meet Group’s 10.7 million average in Q2 2017
- Projected Mobile DAU of 4.6 million, an increase of 71% from The Meet Group’s 2.7 million average in Q2 2017
- Projected Mobile chats sent per day of 74.6 million, an increase of 19.9% from The Meet Group’s 62.2 million average in Q2 2017
- Projected Mobile new users per day of 193,000, an increase of 32% from The Meet Group’s 146,000 per day average in Q2 2017
Financial impact of acquisition:
- Expected to provide significantly increased scale in user base and revenues
- Expected to diversify the Company’s revenue mix, increasing international mobile revenue by 169% and increasing mobile non-advertising revenue by 168% in Q2 on pro-forma combined basis
- Expect acquisition to be accretive to the Company’s non-GAAP EPS in 2018 and beyond
- Expect transaction to be financed with existing cash on hand and a non-dilutive increase to $80 million of the Company’s existing debt facility, with JPMorgan Chase Bank, N.A. and Silicon Valley Bank acting as co-lead agents
Geoff Cook, CEO of The Meet Group, said, “We are very excited to expand our global footprint and add LOVOO to our portfolio of apps. LOVOO is our third strategic acquisition in the last 12 months and will represent our largest single app in terms of traffic. We are focused on accelerating growth across our portfolio of brands through innovating our livestreaming video product and sharing best practices in monetization and engagement across the portfolio.”
The Company expects that LOVOO will remain a separate brand and standalone mobile application following the closing of the acquisition, and that LOVOO’s headquarters will remain in Dresden, Germany. The Company has extended offers to all of LOVOO’s 97 full time employees. LOVOO’s Co-Founder and CEO Benjamin Bak has agreed to assist with the transition for six months after closing. Effective upon closing, Florian Braunschweig, current COO and Co-Founder, has agreed to take over leadership of LOVOO as the new General Manager and Managing Director. The rest of the LOVOO management team is expected to remain in place.
David Clark, Chief Financial Officer of The Meet Group, added, “We expect the acquisition to close in October 2017, to be accretive to non-GAAP EPS and to generate additional free cash flow for The Meet Group in 2018 and beyond. This acquisition is expected to help further diversify our revenue streams with 48% of LOVOO’s revenue coming from subscriptions and 24% from in-app purchasing.”
Morgan, Lewis & Bockius LLP is serving as legal counsel to The Meet Group.
Webcast and Conference Call Details
Management will host a webcast and conference call today, September 20, 2017 at 11:00 a.m. Eastern time to discuss the acquisition. To access the call dial 888-461-2021 (US and Canada) (+1 719-325-2111 outside the United States and Canada) and when prompted provide the participant passcode 4996344 to the operator. In addition, a webcast of the conference call will be available live on the Investor Relations section of the Company’s website at www.themeetgroup.com and a replay of the webcast will be available for 90 days.
About The Meet Group
The Meet Group (NASDAQ:MEET) is a fast-growing portfolio of mobile apps designed to meet the universal need for human connection. Using innovative products and sophisticated data science, The Meet Group keeps its approximately 2.7 million mobile daily active users engaged and originates untold numbers of casual chats, friendships, dates, and marriages. The Meet Group offers advertisers the opportunity to reach customers on a global scale with hundreds of millions of daily mobile ad impressions. The Meet Group utilizes high user density, economies of scale, and leading monetization strategies with the goal of maximizing adjusted EBITDA. The Company’s apps – currently MeetMe®, Skout®, Tagged®, and Hi5® – let users in more than 100 countries chat, share photos, stream live video, and discuss topics of interest, and are available on iPhone, iPad, and Android in multiple languages. For more information, please visit http://www.themeetgroup.com.
Founded in 2012, LOVOO is a leading European dating app and the largest German-speaking dating app by downloads. The privately held company is based in Dresden and Berlin, Germany, and is available in 15 languages to its 1.9 million mobile daily active users. LOVOO changes people's lives by changing how they meet through innovative location-based algorithms and app radar features helping people find successful matches. Learn more about LOVOO by visiting LOVOO.com, downloading the app on iPhone or Android, subscribing to the LOVOO blog, or following LOVOO on Twitter and Facebook.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including whether the acquisition of LOVOO furthers the Company’s strategy to innovate, acquire and build the largest mobile portfolio of brands for meeting new people; whether the acquisition of LOVOO will expand the Company’s global footprint, increase the Company’s scale and profitability, and diversify the business model by adding expertise in subscription and in-app purchasing; whether LOVOO will be The Meet Group’s largest app in terms of traffic and its single most trafficked app; whether LOVOO will diversify The Meet Group’s mobile revenue and more than double its international, subscription and in-app purchasing revenue; whether the combined company will achieve the Company’s expected scale with regard to MAU, DAU, mobile chats sent per day and new mobile users per day; whether the acquisition of LOVOO will significantly increase the Company’s user base and revenues, diversify the revenue mix, be accretive to non-GAAP earnings per share in 2018 and beyond; whether the acquisition will be funded with existing cash on hand and an increase in the Company’s existing debt facility; whether LOVOO will remain a separate brand and standalone mobile application following the closing of the acquisition; whether Florian Braunschweig will take over leadership of LOVOO effective at the Closing; whether the LOVOO management team will remain in place after the closing; whether LOVOO headquarters will remain in Dresden, Germany; whether and when the acquisition of LOVOO will close; and whether the acquisition will generate free cash flow for the Company in 2018 and beyond. All statements other than statements of historical facts contained herein are forward-looking statements. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “project,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the risk that our applications will not function easily or otherwise as anticipated, the risk that we will not launch additional features and upgrades as anticipated, the risk that unanticipated events affect the functionality of our applications with popular mobile operating systems, any changes in such operating systems that degrade our mobile applications’ functionality and other unexpected issues which could adversely affect usage on mobile devices. Further information on our risk factors is contained in our filings with the Securities and Exchange Commission (“SEC”), including the Form 10-K for the year ended December 31, 2016 filed with the SEC on March 9, 2017 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 filed with the SEC on May 10, 2017. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Regulation G – Non-GAAP Financial Measures
The Company defines mobile traffic and engagement metrics (including MAU, DAU, chats per day, and new users per day) to include mobile app traffic for all properties and mobile web traffic for MeetMe and Skout.
This press release includes a discussion of Adjusted EBITDA from continuing operations which is a non-GAAP financial measure. For completed fiscal periods, reconciliations to the most directly comparable GAAP financial measures are provided in the Investors section of our corporate website, www.meetmecorp.com.
The Company defines Adjusted EBITDA as earnings (or loss) from operations before interest expense, benefit or provision for income taxes, depreciation and amortization, stock-based compensation, warrant obligations, non-recurring acquisition, restructuring or other expenses, gain or loss on cumulative foreign currency translation adjustment, gain on sale of asset, bad debt expense outside the normal range, and goodwill and long-lived asset impairment charges. The Company excludes stock based compensation because it is noncash in nature.
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Skitude Premium Launches, Offering Personalised 3D Mapping, 3D Tracks, Advanced Statistics, Speed Heat Maps and Apple Watch Compatibility18.12.2018 18:58 | Tiedote
Skitude, the world’s largest apps community of digitally-connected snow sport lovers, with over a million users, has launched a premium version of its popular profile. Skitude apps are available for Android and Apple devices, and the premium upgrade offers the option to see your day’s skiing/boarding as an interactive 3D map, a speed ‘heat map’ or by statistical analysis of descents, slopes and distances covered. There is also Apple Watch compatibility, so your smartphone battery won’t be dead by lunchtime, as can often be the case with tracking apps. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181218005591/en/ (Photo: Skitude) Premium also offers 3D maps and advanced statistics for over 2,500 resorts worldwide, with real time information on slope conditions and whether runs are open. There are ‘points of interest’, webcams and a wealth of other useful information to help you make the most of your time on the slopes. Skit
Five New Consumer Wearable Products Powered by Movesense to be Showcased at CES 201918.12.2018 18:32 | Tiedote
Five companies launching new wearable devices that provide more targeted, accurate, and consistent data for consumers tracking health, athletic performance, stress, and more will exhibit in one place at the International Consumer Electronics Show (CES) 2019, held from January 8-11, 2019. The products rely on Movesense’s motion sensing technology and sensor platform to improve athletic training, avoid costly medical interventions in elderly patients, and manage stress for people in demanding occupations. These new devices will be on display at the Movesense-Suunto booth, #44537. “We were one of nine companies selected to take part in 1st and Future, a sports tech pitch contest sponsored by the NFL,” said David Troup, founder of Konect Sports. “We went from that pitch to a product in 10 months. While developing our first product, Konect Speed Training, we conceived of a second product, the Konect Speed Pro, which we developed in seven weeks. We could not have done this without Movesense.
PSB Names Mike Chuter Chief Executive Officer18.12.2018 17:15 | Tiedote
PSB, a global research-based consultancy within BCW, announced today that Mike Chuter has joined the firm as Chief Executive Officer, effective immediately. Chuter is based in New York and reports to Donna Imperato, Global CEO of BCW. He is responsible for the global growth and development of the organization across its Corporate, Political, Media and Entertainment practices. “Mike is exceptionally well-suited to lead PSB given his deep experience interpreting data through both analytical and creative lenses and in driving integrated communications programs rooted in analytics,” said Imperato. “Mike is the right person to help PSB advise on holistic creative communications solutions that leverage the firm’s industry-leading expertise in primary research and behavioral, social and other third-party data analysis.” Chuter is a 25-year agency veteran who joins PSB from global social impact organization Thankful, which he co-founded in 2013, a one-half commercial enterprise, one-half socia
The Keio Plaza Hotel Tama Creates New “Hello Kitty” Photographic Spot and Sanrio Characters Themed Rooms －“My Melody” and “Little Twin Stars”18.12.2018 17:05 | Tiedote
The Keio Plaza Hotel Co., Ltd., one of Japan’s most prestigious hotel companies operating hotels located in the Shinjuku district of Tokyo and other locations, is proud to announce that it is fortifying its collaborative relationship with the Sanrio Co., Ltd. (Headquarters: Shinagawa, Tokyo, President and CEO: Shintaro Tsuji) to expand our facilities and services featuring “Hello Kitty” and other Sanrio characters at our Keio Plaza Hotel Tama facility. We will create a new photographic spot within our hotel lobby where guests can take pictures with “Princess Kitty” in March 2019, and renovate another four rooms to become Sanrio characters themed rooms, two rooms each in the themes of “My Melody” and “Little Twin Stars” (Kiki and Lala), in June 2019 in addition to the four existing “Hello Kitty” themed rooms. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181218005251/en/ In Keio Plaza Hotel Tama, a new photo spot based upon
Tradeshift Acquires Babelway, a Key Innovator of Cloud Integration Technology18.12.2018 16:58 | Tiedote
Tradeshift, the leader in supply chain payments and marketplaces, today announced it has acquired Babelway, a key innovator of cloud integration technology. For years, Babelway has provided a standardized way for the world’s largest businesses to connect disparate systems with ease and speed. Now, the company has joined forces with the world’s largest business commerce platform, enabling any business in the world to connect to digital global trade. Babelway’s powerful technology will now be offered as Tradeshift Link. Tradeshift Link will accelerate the integration of disconnected systems used for B2B buying, paying, and selling, which is a significant challenge for companies building modern, digital supply chains. “We believe that B2B commerce should be connected, digital, and flexible. We’ve been partnering with Babelway for over six years and in that time have seen the massive value their technology provides for our users,” said Christian Lanng, CEO and founder of Tradeshift. “This
Chartbeat Announces the Most Engaging Stories of 201818.12.2018 15:00 | Tiedote
Chartbeat, the leading content intelligence platform for publishers, today announces the Most Engaging Stories of 2018, the articles that were read most this year based on highest Engaged Time. Selected from over 60 million pieces of content published on thousands of media sites around the world, the top stories serve as a snapshot of the year’s major events and highlight the themes that resonated most with readers. 2018 saw familiar political and social themes rise to the top, including Brexit, the Trump administration, the #MeToo movement, and climate change, but it was the deeply investigated and deeply personal stories of human struggle from publications like CNN, The New York Times, New York Magazine, and Rolling Stone that topped the list again this year. “Each year, the Most Engaging Stories list proves the power of storytelling. We learn more about the world, of course, but we also learn more about how to make sense of it and each other,” said John Saroff, CEO of Chartbeat. “Th
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme