Online dating company Match Group Inc. has reached an agreement to acquire South Korean social media company Hyperconnect for $ 1.73 billion, expanding its services beyond connecting people in their love lives.
The cash-and-stock deal, announced Tuesday, marks Match Group’s largest acquisition to date.
Based in Seoul, Hyperconnect has developed two video apps that focus on helping people interact one on one and with new communities. Hyperconnect’s first app, Azar, offers live video and audio chat and can instantly translate voice and text for users who speak different languages. Hyperconnect’s other app, Hakuna Live, is a social live streaming app that provides group video and audio broadcasts.
The apps extend the software offering of Match Group from Dallas to connect casual friends. Match operates several dating apps, including Tinder, Hinge, and OkCupid, as well as its eponymous brand.
The pandemic has led to a demand for apps that help people connect. Rival dating app company Bumble Inc. is preparing a public listing with expected value between $ 6 billion and $ 8 billion.