Match Group, an IAC/InterActive subsidiary that recently announced plans for an IPOlater this year, will acquire the dating site PlentyOfFish for $US575 million in cash,The Wall Street Journal reports.
This move will further solidify the monopoly Match has on digital dating life. Its roster currently includes Match.com, Tinder, and OkCupid.
Vancouver-based PlentyOfFish was founded in 2003 by CEO Markus Frind, who has retained complete ownership of the company, and stands to gain $US525 million when the deal closes, according to TechCrunch. PlentyOfFish has around 75 employees.
Both Match Group’s IPO and the PlentyOfFish acquisition are expected to be completed by the end of this year, The Wall Street Journal reports.
Match Group CEO Sam Yagan said in a statement he’d had his eye on PlentyOfFish for over ten years. “As more people than ever use more dating apps than ever with more frequency than ever, PlentyOfFish’s addition both brings new members into our family of products and deepens the lifetime relationship we have with our users across our portfolio,” he said.
And that portfolio is impressive. Dating services are expected to see $US1.17 billion in revenue this year, and Match has approximately 22% of the market, according to The Wall Street Journal.
PlentyOfFish will add its 90 million registered users and 3.6 million active daily users to that pool.
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