Match acquires rival dating app Hinge
Preparing to compete against Facebook Dating
Posted on June 20, 2018 11:39 PM.
Match Group Inc., which has become a behemoth in online dating by swallowing promising independent brands, is doing it again. The company is purchasing a controlling stake in Hinge, a seven-year-old company that has positioned itself as a counterbalance to the casual dating scene on Tinder, Match’s flagship product.
The VergeAshley Carman
Acquiring the company essentially turns Match into a dating app behemoth that owns 45 brands, including Tinder, OkCupid, Match, and Plenty of Fish.
While financial terms were not disclosed, both companies said Match bought a 51% stake, with the option to buy the remainder over the next year. Hinge's premise was that it was the anti-Tinder. Though having started off as swiping to find matches, Hinge pivoted to a more detailed approach in 2016, in hopes to attract crowds looking for a relationship, rather than just a hookup.
Following the product changes, Hinge’s user base quadrupled, and each user began going on more dates, according to Justin McLeod, its founder and chief executive officer. The company hasn’t released data about its user base.
While Match is optimistic about its future following their new acquisition, they've been finding themselves in some trouble recently. Recently, Match sued Bumble, after which Bumble retaliated with their own suit, and disclosed talks about an acquisition. Additionally, the announcement of Facebook Dating caused Match's stock to drop 22% in one day 😳
In one final Facebook-related twist, the social network’s mock-ups of its dating app looked almost identical to Hinge. For his part, McLeod said he was flattered. “It’s pretty clear people at Facebook have been using Hinge,” he said.
Speaking of, where is Facebook dating? 🤔
Interested in product and tech related news? Check out the Sip News app by Product Hunt. Every weekday, Sip surfaces the most exciting and essential tech stories of the day. You can download it now for iOS or Android.