MeetMe To Acquire Skout

BUSINESSWIRE - June 26 - MeetMe, a public social discovery service, is acquiring Skout for $28.5M in cash and ~5.37M common shares of MeetMe. Skout is a mobile app for meeting new people with 2015 revenue of $23.8M and 3.5M monthly active users. Skout is adding 42K new users each day on average. Key highlights of the expected scale of the new combined company include: Mobile MAU of 8.5M, an increase of 69% from MeetMe's 5M in May 2016; mobile daily active users of 2.1M, an increase of 73% from MeetMe's 1.24M in May 2016. Geoff Cook, CEO of MeetMe, said, "We believe this combination provides a pathway to $100M in revenue in 2018 with adjusted EBITDA margins approaching 45%."