Hong Kong’s DateTix, an ASX-listed mobile dating app, has acquired a Thailand competitor named Noonswoon in a deal worth about US$212,000 in stock considerations.
DateTix will be buying Noonswoon for 700,000 shares of its stock to be escrowed for 24 months after the settlement is finalised. At the current price of AUD0.40 per share, that would make the deal worth about US$212,000.
The acquisition will allow the Thai company to continue operations in the country and Noonswoon will leverage the partnership to expand into markets with a strong DateTix presence, such as Hong Kong, China and the UK.
Prominent investors in Noonswoon include GoldenGate Ventures and 500 Startups.
“With the support and international know-how of DateTix, we can now take a proven product that we have built for the Thailand market and apply it to new markets. We are excited and look forward to become part of the DateTix Group,” said Noonswoon Co-founder and CEO Kavin Mickey in an official statement.
For DateTix, the acquisition follows a pattern of acquisitions. In August the company acquired a UK-based dating platform for a similar price (about US$200,000 in share price at the time of the deal).
“The addition of Noonswoon further strengthens our brand portfolio and increases the reach and scale of the DateTix Group, providing the company with an ideal launch pad to expand our business across Southeast Asia, one of the fastest growing markets in the world for dating services,” said DateTix Founder and CEO Michael Ye in a statement.
“DateTix Group continues to rapidly expand its footprint through both organic growth and strategic acquisitions,” he added.
The deal allows the company to expand into Southeast Asia through Thailand and will create a revenue boost through Noonswoon’s user-base of 1,600 paying users.
Noonswoon says it has 180,ooo total registered users and says about half of its monthly-active-users visit the site daily.
The deal provides a localised service for DateTix as 85 per cent of Noonswoon’s users are based in Thailand.
This may be especially important because DateTix is showin early signs of success. In March, one month after being launched, the company shot past Tinder in the Hong Kong app store and this deal gives the company five revenue streams in China, Hong Kong, Singapore, Thailand and the UK.
While DateTix trends towards a younger, casual dating model, Noonswoon targets older users who are more serious about finding long-term relationships.
Noonswoon is an Echelon alumni and was a finalist in the 2013 pitching competition.
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