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 in addition to connecting people in their love lives.
The cash and stock deal, announced Tuesday, marks the largest acquisition of Match Group to date.
Seoul-based Hyperconnect has developed two video applications that focus on helping people interact individually 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 streams.
The applications extend the software offerings of the Dallas-based Match Group to include linking casual friends. Match operates several dating apps, including Tinder, Hinge and OkCupid, as well as its namesake brand.
The pandemic has increased the demand for applications that help people connect. Rival dating app company Bumble Inc. is preparing a public listing with an expected valuation in the range of $ 6 billion to $ 8 billion.