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The company wants to position itself as an umbrella company for more meeting app acquisitions.
This week, MeetMe (MEET) announced that it’s rebranding the parent company of all of its website and apps from MeetMe to The Meet Group. The strategy comes just as MeetMe closed on its acquisition of if(we), a social media company that includes both the hi5 and Tagged meeting apps, to take on competitors in the cutthroat social-media space.
What the company’s doing
The Meet Group said in a press release that it’s changing its name as it focuses on acquiring new companies and building out a strong portfolio of brands for people meeting people. Geoff Cook, CEO of The Meet Group, said in prepared remarks included in the release that, “We are no longer MeetMe, Inc. running a single app, but a global portfolio of mobile meeting apps that spans ten million monthly active users.”
The company now consists of the MeetMe, Skout, Tagged, and hi5 social-meeting brands. The latter two came via the if(we) acquisition for $60 million in cash last month. Meet Group expects the deal to contribute $9 million of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first 12 months, and help the company generate $150 million in annualized revenue and $50 million of adjusted EBITDA. Read more