Mobile application company The Meet Group (NASDAQ: MEET) of New Hope announced Wednesday that it has acquired Growlr, a leading same-sex social mobile application based in Columbus, Ohio.
Meet paid $11.8 million for Growlr, using $4.8 million in cash on hand and $7 million from its existing line of credit, and said it would pay an additional $2 million over the next two years if revenue targets are met.
“I’m excited to announce the acquisition of Growlr, which provides a meaningful step into the large same-sex dating market and expands the base of users to whom we can deliver our live video product,” said Geoff Cook, the CEO of Meet Group who founded the company in 2005 as MyYearbook.com.
“Similar to what we have done with our other acquired properties, we plan to be aggressive in bringing our video model to Growlr,” he continued. “We expect to begin rolling out live video on Growlr in the fourth quarter of 2019.”
The Growlr app has more than 200,000 global daily active users, who exchange millions of messages each day.
The Meet Group includes apps MeetMe, Skout, and Tagged, along with LOVOO, which it acquired for $70 million in 2017. The company is headquartered in Union Square, where it employs more than 100.