DateTix plans to expand its platform concurrently with Lovestruck’s into new markets to capture a broader spectrum of users
DateTix Group Ltd, a Hong-Kong-based mobile online marketplace for dating, has recently announced that it has sealed the deal with Lovestruck Limited, a UK-based online dating platform, in a mutually strategic move to create the world’s largest dating marketplace.
The acquisition is projected to increase DateTix’s active user base by over 259 per cent, thereby significantly increasing its scale in revenues and monetisation, and creating strong operating leverage to drive margin expansion for the combined company.
DateTix will be acquiring 100 per cent of the issued capital of Lovestruck for two million of DateTix’s ordinary shares and a contingent earn-out consideration of up to AU$270,000 (US$203,270) along with cash consideration equivalent to Lovestruck’s existing net cash balance at settlement date.
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DateTix plans to expand its platform concurrently with Lovestruck’s into new markets to capture a broader spectrum of users, ranging from casual daters to those seeking serious long-term relationships.
Following completion of the acquisition, DateTix also plans to launch a localised Chinese version of Lovestruck and expand it into the China market, starting with the tier-one cities of Shenzhen, Shanghai, Beijing, and Guangzhou.
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“DateTix has been experiencing very strong organic growth with Monthly Active Members up 64 per cent month-on-month in May. Adding Lovestruck to our product portfolio can further accelerate our growth momentum by allowing us to strengthen our reach and user base in current markets, while entering our future target markets,” said DateTix Founder and CEO, Michael Ye, in a press statement.
DateTix has an initial focus on major Asian cities.
Founded in 2006 in London, Lovestruck expanded to other markets in 2008, including most notably Hong Kong and Singapore. Since its launch, Lovestruck claimed to have achieved over 33 million visits and 216,000 subscriptions totalling over US$17 million in revenue via its website, mobile web, iOS and Android apps.
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