Several weeks ago I heard from a reliable source that IAC Has Acquired Another Top Dating Site. I’ve known who it was all along, and decided to do the right thing and not mention the name of the company being acquired on this blog. I just heard from Match’s PR team and the public announcement is happening shortly, the big news is that Match.com will acquire Singlesnet. Here are the important parts of the press release:
Match.com, an operating business of IAC (Nasdaq: IACI), announced today that it has signed an agreement to acquire Singlesnet, one of the most visited online dating sites in the United States. Terms of the deal are not being disclosed.
“Singlesnet has built a heavily trafficked site with an active and dedicated community of users,” said Greg Blatt, CEO of Match.com. “While Singlesnet’s traffic is currently in decline, we believe that by applying our category expertise we can reverse that trend, increase the site’s profitability and improve the overall user experience. This is more of a value acquisition than a strategic one, and Singlesnet will predominantly be run as a standalone business. Nonetheless, the addition of the site’s considerable traffic to our existing aggregation of traffic in this single category should open new monetization opportunities for Match.com’s collective portfolio of domestic online dating brands.”
“Match.com has been the standard-bearer for the entire online dating industry, so we’re excited to team up with them,” said Singlesnet founder and CEO Quinn Lipin. “Singlesnet boasts a vibrant user community where members are constantly emailing and IMing each other, and I believe working with Match.com will enable us to re-start growth in the business.”
Adrian Ong, who joined Match.com from Soulmates Technology, a company acquired by Match.com in 2002, will assume responsibility for Singlesnet. Mr Ong has held various leadership roles within Match.com’s International business, primarily in the areas of product and technology, and most recently has led Match.com’s effort to transition its European business to Meetic in connection with its sale last year. Mr Lipin will continue to work for the company in an executive capacity.
Quinn Lipin is the guy behind the curtain at Singlesnet. Notoriously tight-lipped within the dating industry, the founder of the one-time most-trafficed dating site in the US has managed to sell the company as the serious decline in traffic continues.
No word on the pricing or other details, we’ll update you as our sources check in with us. For more about Singlesnet, read about thehive (website), its parent company. Search LinkedIn for people like Richie John, the Anti-Fraud guy at Singlesnet and other Singlesnet employees. Try searching for Singlesnet here at OnlineDatingPost.com and you’ll come up with a wealth of information about this secretive company that took the online dating industry by storm.
Congrats are in order to Match and Singlesnet. I’m sure there are champagne corks popping all over the place down in Texas with the marketing team all excited about the potential reduction in customer acquisition costs and other benefits that Singlesnet brings to the table.
When the dust settles, a few questions:
How Match is going to siphon off, I mean cross-sell, members from Singlesnet?
Are Singlesnet members a good fit for Match? It’s like going from a horse-drawn carriage to a Ferrari in terms of site functionality and membership base.
Will Match tone down the big boobs and hookup-style advertising that grew Singlesnet?
What was the sale price and how much of it is tied into earn-outs?
What do you think of the deal? Do you think Match should have acquired Yahoo Personals instead?