I am thrilled to bring two of the largest mobile apps for meeting and chatting with new people into the same portfolio.
Skout is among the earliest mobile social discovery services.
(NASDAQ: MEET), a public market leader for social discovery, today announced it has executed a definitive agreement to acquire Skout, a leading global mobile network for meeting new people, for .5 million in cash and approximately 5.37 million common shares of Meet Me, implying an enterprise value of .6 million based on Meet Me’s closing stock price on June 24, 2016.
This acquisition promotes Meet Me and Skout’s shared vision to create the largest global service for meeting and chatting with new people.
Likewise, Skout’s founders Christian Wiklund and Niklas Lindstrom have agreed to assist with the transition for one year after the closing.
As studies have shown that users of social discovery apps often use more than one at the same time, and given Meet Me and Skout share less than 5% overlap among their monthly active user base, we believe there is a clear cross-promotional benefit between apps.
We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
With a strong team in place, I know the Company is in excellent hands, experiencing strong growth and with bright prospects in front of it.” Commenting on Abbott’s resignation, Cook said, “John’s original vision of a public market leader for social discovery is something we intend to continue to execute against with singular focus, and I am thankful for his many contributions to Meet Me over the last nine years.” Webcast and Conference Call Details Management will host a webcast and conference call on Tuesday, June 28, 2016 at a.m. To access the call dial 888-481-2877 ( 1 719-325-2393 outside the United States) and when prompted provide the participant passcode 7649062 to the operator.
In addition, a webcast of the conference call will be available live on the Investor Relations section of the Company’s website at a replay of the webcast will be available for 90 days.
With approximately 90 percent of traffic coming from mobile and more than one million total daily active users, Meet Me is fast becoming the social gathering place for the mobile generation.
Meet Me is a leader in mobile monetization with a diverse revenue model comprising advertising, native advertising, virtual currency, and subscription.