Thu, Aug. 13, 10:58 AM
- Just 5 months after Tinder hired former eBay exec Chris Payne to be its CEO, Payne is leaving, and co-founder Sean Rad is taking back the top job. In addition, Greg Blatt, the chairman of InterActiveCorp's (IACI -0.6%) Match Group, has been named Tinder's executive chairman.
- Tinder director Matt Cohler: “It became clear after a few months that it wasn’t going to become a long-term fit. It’s only been a few months, but everyone came to the realization, the board and Christopher, and all agreed it wouldn’t work out long-term. Given that, we thought we might as well take action on this sooner than later.”
- News of the change comes shortly after Tinder's social media team unleashed an angry/well-publicized tweetstorm over a critical Vanity Fair column on Tinder's impact on dating.
- IAC is believed to own a majority stake in Tinder via the Match Group. Match, set to go public, recently bought dating site PlentyOfFish for $575M.
Tue, Jul. 28, 4:52 PM
Mon, Jul. 27, 5:35 PM
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Tue, Jul. 14, 11:35 AM
- Ahead of its planned IPO, InterActiveCorp's (IACI +1.5%) Match Group is buying online dating site PlentyOfFish for $575M in cash. The deal is expected to close in Q4.
- Match CEO Sam Yagan: "For over a decade I have followed the consistent growth of PlentyOfFish, first within North America, then globally, and most recently across platforms, as one of the most popular mobile dating products in the world ... PlentyOfFish's addition both brings new members into our family of products and deepens the lifetime relationship we have with our users across our portfolio."
- The purchase adds to a stable of online dating assets that includes Match.com, OKCupid, HowAboutWe, and a major stake in Tinder. IAC is making fresh highs
Thu, Jun. 25, 9:17 AM
Thu, Jun. 25, 8:01 AM
- "As many know from our actions over the last 20 years, I'm not a believer in simply agglomerating assets in perpetuity," says IAC (NASDAQ:IACI) Chairman Barry Diller. "I've long felt that as entities grow into size and maturity it's healthy to give them separation and independence from a mother church."
- Alongside the plan to pursue an IPO of The Match Group, Joey Levin - formerly CEO of IAC's Search & Applications business - has bee named CEO of IAC and joined the board. CFO Jeff Kip is exiting the company. Greg Blatt will remain chairman and Sam Yagen CEO of the Match Group.
- IAC expects The Match Group to issue less than 20% of its common stock in the IPO. Completion time is expected during Q4.
- Source: Press Release
- IACI +7.7% premarket
- Previously: IAC/InterActiveCorp +6% on report of Match.com IPO (June 25)
Thu, Jun. 25, 7:46 AM
Tue, Apr. 28, 4:40 PM
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Fri, Mar. 20, 4:13 PM
- Chris Payne, until recently the head of eBay's North American marketplaces ops, has been named dating app Tinder's new CEO, thus ending a search that began last October. Payne replaces co-founder Sean Rad.
- The leadership change comes shortly after Tinder began offering a premium service (Tinder Plus) that provides the ability to undo swipes and search for users outside of their geographic area - it costs $10/month for users 29 and under, and $20/month for older users. The startup is also prepping an ad product.
- As of January, Tinder was seeing 1.5B swipes and 21M matches per day. It was reported last October to be nearing 50M active users.
- InterActiveCorp (NASDAQ:IACI) was reported to own a ~70% stake in Tinder as of last April. VC firm Benchmark invested in the company in October at a reported $750M+ valuation.
Wed, Feb. 25, 5:47 PM
- As part of a broader Internet sector launch, Morgan Stanley has launched coverage on YELP and GrubHub (NYSE:GRUB) with Overweight ratings, and on Expedia (NASDAQ:EXPE) and InterActiveCorp (NASDAQ:IACI) with Underweight ratings, after the close. YELP +2% AH. GRUB +2.5%. EXPE -1.4%. IACI -1%.
- Yelp was upgraded by Brean two weeks ago, shortly after the company hiked its Q1/2015 guidance and announced it's buying online food-ordering service Eat24.
- GrubHub rallied three weeks ago following a Q4 beat, and received bullish coverage from Barclays last week.
- Expedia tumbled three weeks ago thanks to a Q4 miss and light 2015 guidance, but reversed course after announcing it's buying Orbitz and thereby bolstering its U.S. online travel leadership position.
- IAC sold off earlier this month following its Q4 beat, but has since more than recovered its losses.
Tue, Feb. 3, 4:33 PM
Mon, Feb. 2, 5:35 PM
Mon, Jan. 12, 6:38 PM
- InterActiveCorp (NASDAQ:IACI) has sold restaurant-discovery app Urbanspoon to Indian restaurant app startup Zomato. TechCrunch reports the purchase price is "between $50 million and $60 million."
- IAC acquired Urbanspoon in 2009, and added it to its CityGrid local services unit. CityGrid laid off ~2/3 of its staff in 2013 amid tough competition from Yelp and other local services platforms.
- Meanwhile, Tinder (majority-owned by IAC) has bought Chill, the creator of ephermeral text messaging app Tappy. Tinder, which already offers an ephemeral messaging feature (Moments), suggests the purchase is an acqui-hire. CEO Sean Rad: "There are some specific things that [Tappy has] done in the past that we wouldn’t have to figure out on our own moving forward.”
- Tinder is now seeing 1.5B swipes and 21M matches per day, up from 1B and 12M in October.
Nov. 3, 2014, 12:30 PM
- InterActiveCorp's (IACI -0.1%) Mindspark app development unit has bought Apalon, a Belarus-based mobile app development firm, for an undisclosed sum.
- Apps developed by Apalon - examples include Weather Live and Notepad+ - collective have over 20 million MAUs, and have been downloaded over 100M times. Mindspark, for its part, has developed 80+ apps over its history.
- Mindspark co-president Eric Esterlis: "The combination of Apalon's world-class mobile app development skills with Mindspark's proven ability to distribute digital applications at scale is a huge differentiator."
- IAC has been buying companies at a heady pace this year.
Oct. 29, 2014, 9:12 AM
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