Spark Networks SE, Germany based global dating company has completed the acquisition of California based dating app Zoosk for $250 million. Spark Network runs multiple dating brands like Christian Mingle, JDate, LDS Singles, Silver Singles, and JSwipe. Through the deal, Sparks will have 100% of Zoosk’s shares for a combination of cash and Spark shares. As part of the deal, the Zoosk CEO Steven McArthur will be joining the board of directors of Spark Network.
Zoosk was founded in 2007 by Alex Mehr and Shayan Zadeh. The platform offers personalized dating experience through its unique Behavioral Matchmaking™ technology. Zoosk has a presence in 80 countries across the globe. While the app installation and uses are free, services, like sending messages and chatting with the matches, comes with a charge.
Jeronimo Folgueira, the CEO of Spark Networks commenting on the deal said, "Today's closing represents a remarkable milestone in Spark's continued evolution. Four years ago, we were a small German startup with no presence in North America. Our efforts over the last few years have created an NYSE-listed business with over $300 million in total revenue that is also the second largest player in North America. We are extremely proud of the company we have built, and are also excited by the future potential of our new portfolio. I'm also very proud that we have managed to efficiently execute this complex transaction and that we are closing the transaction on the first day of the third quarter."
McArthur talking about the acquisition said, "I have been very impressed by Jeronimo and his team during this process and I am very confident in their ability to execute the integration plan we prepared together, and make the new combined company even more successful, driving substantial value creation for all shareholders over the next 12 to 18 months."
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