Match Group to buy Korean social media company in $1.73 billion deal

Online dating company Match Group announced Tuesday plans to acquire Korean social discovery company Hyperconnect for $1.73 billion.Why it matters: The deal signals Match Group’s ambitions beyond online dating and is its largest acquisition to date, per Wall Street Journal.Details: Hyperconnect’s two apps focus on facilitating engagement.Azar is a live video and audio chat platform that translates voice and text in real time for users around the world.Hakuna Live is a live-streaming app for video and audio broadcasts and includes features like augmented-reality powered avatars.The company is based in Seoul, South Korea. The big picture, via Axios’ Sara Fischer: Dating apps have been pushing to introduce new features, including live video chat, to help users connect, especially amid the pandemic where in-person contact is limited. Match Group owns dating apps Tinder, Hinge and OkCupid, among others, in addition to its namesake platform. The company spun off from IAC last year. What they’re saying: "Match and Hyperconnect draw from a common philosophy: utilize technology and know-how to drive meaningful connections through trusted brands that users love,” Hyperconnect CEO Sam Ahn said in a statement.

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