SEOUL -- Match Group, an American dating product provider, will acquire Hyperconnect, a lucrative video and AI technology company in South Korea, for $1.72 billion. The deal comes on the heels of Hyperconnect's rapid advance based on instant video communication and AI technology in the ever-growing social discovery app market.
Hyperconnect runs Azar, a real-time video chat app that connects instantly with millions of like-minded people by translating voice and text, as well as Hakuna Live, an interactive, social live streaming app that enables group video and audio broadcasts with various features including virtual gifting, AR-powered avatars, profile enhancements, and communities built around shared interests.
"As the social discovery space continues to expand, the timing couldn't be better to partner with a global operating expert like Match Group," Hyperconnect CEO Sam Ahn said in a joint statement. He described Hyperconnect as "proof that technology can create global opportunities" even for a small start-up from South Korea. The company would maintain an independent management system.
Hyperconnect's revenue was up 50 percent on-year to more than $200 million1 in 2020. In January, the company launched Slide, a video-first dating and social discovery app that allows users to effectively find and match with others through video-based profiles, AI-driven matching tools and a real-time video feature. Users can input a variety of tastes and interests, which are shared easily through a wide variety of profile prompts.
"Hyperconnect's live video and audio engagement technology is a powerful tool that enables users to connect with new people and cultures on a global basis," Match Group CEO Shar Dubey said, adding his company would help accelerate the growth of Hyperconnect and deploy its technologies across Match Group's existing portfolio.
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