Australia: DateTix to acquire UK’s Lovestruck, offer dating app in China

Australia-based dating app startup DateTix has claimed it is forming the world’s largest dating marketplace by acquiring Lovestruck Ltd, a 10-year-old player in this segment.

DateTix will be acquiring the entire issued capital of Lovestruck for 2 million of DateTix’s ordinary shares and a contingent earn-out consideration of up to A$270,000, along with cash consideration equivalent to Lovestruck’s existing net cash balance at settlement date, the company said.

A matchmaking app founded to take on Tinder, DateTix said its active user base will more than double post the takeover. Number of active members using the service are growing at 64 per cent, helping the startup earn $2.3 million in revenue.

With footprints in Hong Kong, Singapore and the UK, Lovestruck will help DateTix rev up its current operations in these markets while launching the service in Europe. “DateTix plans to expand its platform concurrently with Lovestruck’s into new markets to capture a broader spectrum of users, ranging from casual daters to those seeking serious long-term relationships,” the company said

The takeover will also create significant potential for profitable expansion by localizing Lovestruck for China and other high growth markets, along with the synergies in reducing expansion cost and improved revenue from cross-selling, the Aussie firm said.

Shenzhen, Shanghai, Beijing and Guangzhou will be among the first cities in China that London-based Lovestruck will reach following the acquisition.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.