BUSINESSWIRE - Sep 4 - The Meet Group announced the completion of its acquisition by the parent company of eharmony. ParshipMeet Group was created to manage The Meet Group and Parship Group. It now operates MeetMe, LOVOO, Tagged, Skout, GROWLr, eharmony, Parship and ElitePartner.
The Meet Group focuses on community while bringing social entertainment to dating, monetizing through livestreaming video. Parship Group brands are market leaders in the matchmaking space; focused on serious relationships and monetizing through subscriptions.
The all-cash transaction represents an enterprise value of ~$500m.
"We are thrilled to combine with a globally leading matchmaking company," said Geoff Cook, CEO of The Meet Group. "We believe this deal will help define the future of dating. We will continue to focus on... building the best dating features in the world, ...investing in livestreaming..., and discovering opportunities to expand and grow – organically and through strategic relationships, including our video-platform-as-a-service offering". 195k+ dating games are played each day across The Meet Group's apps, up 104% since March.
"The Meet Group's livestreaming video platform is unique and well positioned for a post-pandemic world where video becomes a critical part of finding and screening first dates," said Tim Schiffers, CEO of ParshipMeet Group. "By combining The Meet Group's assets with Parship Group's strengths, we've created a global dating leader and one of the most diversified portfolios of dating brands in the world. ...We see significant potential to further the growth of The Meet Group's video platform-as-a-service products, as well opportunities for knowledge-sharing and cross-selling."
ParshipMeet Group is jointly owned by ProSiebenSat.1, a leading free-to-air TV broadcaster and video entertainment company in the German-speaking markets, and General Atlantic, a leading global growth equity firm providing capital and strategic support for growth companies.
Additionally, from ProSiebenSat1:
ParshipMeet Group has revenues of EUR 451 million and adjusted EBITDA of EUR 95 million as of H1 2020, for the last 12 months. Double-digit annual growth rates expected
The combined company operates as ParshipMeet Group, a newly-minted unicorn and a leading global player in the online dating market. ProSiebenSat.1 owns 53% and General Atlantic 43% in ParshipMeet Group. The remainder is held by management.
Rainer Beaujean, Chairman & CFO, ProSiebenSat.1 said, "This investment case is also another strong proof of concept of our ability to use the strengths of our Entertainment business to support the growth and development of consumer-facing digital platform and commerce businesses."
Joern Nikolay, MD, General Atlantic said, "We believe in the ability of ParshipMeet Group...to bring transformative digital innovation to the global online dating sector...and harness the power of technology."
Tim Schiffers, CEO, ParshipMeet Group said, "Online dating, and interactive live video in particular, is a global megatrend that will continue to transform all of our lives in the future. ...Our brands span the whole spectrum of the online dating market: meeting, dating and falling in love. ...We are perfectly positioned for sustained long-term growth."
ProSiebenSat.1 and General Atlantic are evaluating an IPO for ParshipMeet Group in 2022.