Noonswoon, a dating app founded in 2013 for serious relationships claims to have over 180,000 registered users of which 1,600 are paid users. The startup has received funding from venture capital firms such as 500 Startups and Golden Gate Ventures in the past.
Australian stock exchange listed DateTix that operates its dating, Lovestruck and matchmaking platform, has entered into an agreement with Noonswoon to acquire 100 per cent of issued capital in Noonswoon for 700,000 ordinary shares in DateTix, escrowed for 24 months after settlement, DateTix said in an announcement today.
The acquisition will “immediately expand DateTix’s geographic reach and footprint into the large and fast growing Thailand market and provides company with established presence in Southeast Asia region,” the announcement said.
The deal will also help to take the Noonswoon app to expand into other Southeast Asia countries, China and others, it added.
“Noonswoon app will still be operating in Thailand and will be expanding to other regions. The team will remain in Bangkok and build out the regional team for DateTix,” Noonswoon co-founder and CEO Kavin Mickey Asavanant told DEALSTREETASIA in an email.
The acquisition is expected to result in an immediate improvement to revenue and user base for the DateTix Group and significantly accelerate the company’s overall growth trajectory in particular in Southeast Asia markets where the company plans to launch its localised versions of the Noonswoon, DateTix and Lovestruck platforms.
DateTix app, Lovestruck platform and matchmaking businesses will be launched in Thailand in first half of next year. In Southeast Asia, the products launch timetable is in Malaysia, Indonesia, Taiwan and India throughout 2017.
“DateTix Group continues to rapidly expand its footprint through both organic growth and strategic acquisitions, Upon the completion of this acquisition, we will have a diversified user and revenue base across Hong Kong, China, Singapore, Thailand and the UK,” said DateTix Founder and CEO Michael Ye.
The company will be well be positioned to benefit from operating margin expansion as we continue to grow our revenue and cash flows across multiple markets in a highly efficient and cost effective manner, he added.