The deal is worth about US$212,000 in stock considerations and will allow Noonswoon to continue Thailand operations
Hong Kong’s DateTix, an ASX-listed mobile dating app, has acquired a Thailand competitor named Noonswoon in a deal worth about US$212,000 in stock considerations.
DateTix will be buying Noonswoon for 700,000 shares of its stock to be escrowed for 24 months after the settlement is finalised. At the current price of AUD0.40 per share, that would make the deal worth about US$212,000.
The acquisition will allow the Thai company to continue operations in the country and Noonswoon will leverage the partnership to expand into markets with a strong DateTix presence, such as Hong Kong, China and the UK.
Prominent investors in Noonswoon include GoldenGate Ventures and 500 Startups.
“With the support and international know-how of DateTix, we can now take a proven product that we have built for the Thailand market and apply it to new markets. We are excited and look forward to become part of the DateTix Group,” said Noonswoon Co-founder and CEO Kavin Mickey in an official statement.
For DateTix, this allows the company to expand into Southeast Asia through Thailand and will create a revenue boost through Noonswoon’s user-base of 1,600 paying users. It provides a localised service for DateTix as 85 per cent of Noonswoon’s users are based in Thailand.
Noonswoon says it has 180,ooo total registered users and says about half of its monthly-active-users visit the site daily.
Copyright: zubada / 123RF Stock Photo
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