On February 10, Match Group announced the purchase of South Korean video technology developer Hyperconnect for $ 1.73 billion in stock and cash. Innovative developments in the field of translation and video calls will soon complement the familiar dating services.
Hyperconnect’s revenue for 2020 is projected to be $ 200 million (50% more than in 2019). In a press statement, the companies noted that 75% of Hyperconnect’s revenues come from Asia.
It is Match Group’s largest acquisition to date. The company also owns the popular dating apps Tinder, Hinge, and other products.
One of the top reasons to buy Hyperconnect is technology and innovation. The company has many successful technological solutions.
Azar is a face-to-face video calling app.
Hakuna Live is a streaming service.
WebRTC is the first mobile version of the project with source code, which allows users to communicate directly, without transferring information and data to the company’s servers.
Infrastructure to support multilingual users – people from different countries can now communicate with each other directly using the real-time translation function.
In a public statement from the companies, both sides highlighted R&D and engineering as key aspects of the deal.
In the near future, users of the Match Group applications will see interesting innovations. Probably live broadcasts and translation could organically fit into the existing dating service.
The closing of the deal is expected in the second quarter of 2021.