SPARK.NET - Aug 10 - Spark Networks has entered into an agreement with PEAK6 Investments which saw a significant potential in Spark's Jewish and Christian brands. PEAK6 purchased 5M shares for $7.8M and owns now 16% of Spark's outstanding shares. PEAK6 executive Danny Rosenthal will become CEO and will join the board of Directors. PEAK6 Chief Architect David Budworth will become CTO, PEAK6 CMO Lisa McLafferty will become Chief Revenue Officer. PEAK6 President Brad Goldberg will join the Board of Directors.
Spark's Q2 Revenue was $9.1M, down 26% YOY. Net income was $329k, an YOY increase of $424k and a $3.7M increase from the prior quarter. Returns on direct marketing spend have improved. Every dollar in direct marketing spent has resulted in ~$5 in revenue in the Christian network segment (compared to $1.3 in Q2 2014). In the last few months, JSwipe began selling paid subscriptions which now represent 3% of total Jewish network's paid subscriber base.
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