Tinder's parent firm buys 51% stake in rival app Hinge

Match Group -- Tinder's parent company -- has acquired 51 per cent stake in long-term dating app Hinge, also dubbed the anti-Tinder app, the media reported.

This comes just weeks after social networking giant Facebook announced that it wants to introduce a match-making feature.

"Match Group, which already owns platforms like OkCupid, Match and Tinder, announced that it acquired a 51 per cent ownership stake in dating app Hinge," CNET reported late on Wednesday.

Match now has the right to purchase all the remaining shares of Hinge within the next year. However, both the companies did not reveal further terms of the deal.

"Hinge, like Tinder, once included a swiping feature, which it did away with nearly two years ago. It switched to a model focused on 'real' relationships as opposed to hook-ups. Users can create profiles and like and comment on each other's photos," the report added.

Mandy Ginsberg, CEO of Match Group reportedly said that the firm is ready to "leverage extensive experience" to enable Hinge to "become a major player in the relationship space".

Match Group said it acquired its initial stake in September 2017 and has gradually increased its stake ever since, CNN reported.

--IANS

ksc/mag/mr


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel