IAC Acquires Another Online Dating Service – DateHookup.com
(September 1, 2012) IAC, the owners of Match.com and several other online dating services, has added DateHookup.com to its portfolio. IAC made the announcement of the acquisition this week. Lance Barton, the Vice President of Mergers and Acquisitions for IAC had the following to say about how DateHookup.com fits into IAC’s plans:
“DateHookup has built a sizable and active community of online singles in the U.S., reaching demographics and markets that complement IAC’s existing online dating companies,” Barton said. “We can leverage our expertise and initiatives from our other sites to drive incremental contribution, improving an already attractive acquisition multiple.”
IAC Adding to its Online Dating Portfolio
IAC already owns Match.com, Chemistry.com, OKcupid.com, LoveandSeek.com, SeniorPeopleMeet.com, SingleParentMeet.com, and SinglesNet. Together, those sites brought IAC a revenue stream of $500 million in 2011.
DateHookup.com wasn’t IAC’s only acquisition announcement this week. On Monday, the company also reached a $300 million agreement to acquire the reference site, About.com.
DateHookup.com was launched in 2002 by Dustin Weirich and is a top 10 free online dating service. One of the more unique features of the service is that it provides a blog to every new member. In addition, it allows many customization options for a person’s online dating profile. In 2009, the company launched a blog where Weirich would provide frank chat on personal-interest topics like The Sims and publish reasons people would cancel their DateHookup.com accounts. In February 2010, the site filed for a Trademark of its company name.
IAC stands for InterActiveCorp and is listed on the stock exchange under IACI (NASDAQ). As of this writing (September 1, 2012), IACI was trading at $51 a share. In addition to having a huge presence in the online dating industry, IAC also owns several well-known Web properties, including Ask.com, Vimeo, and Dictionary.com.
The CEO of IAC is Greg Blatt, who previously oversaw the company’s online dating unit, including Match.com and Chemistry.com. Prior to joining IAC, Blatt was the Executive Vice President of Business Affairs for Martha Stewart Living.
Financial details of the sale of DateHookup.com to IAC have not been released to the public.
This is truly great news for Dustin. I hope he got atleast 75 million since Okcupid was acquired for 50 mill and has less traffic that DH.
Hope DH remains 100% free. If it turns into a paid dating service, it will lose their members.