Tinder’s Parent Company Acquires Egyptian Muslim-Focused Dating App
The purchase price for the Cairo-based tech startup is expected to be announced on Aug. 26, according to a press release.
Harmonica is a matchmaking platform that takes a more conservative approach to relationships and bringing people together than most popular dating apps. It caters for the Arab world.
Texas-based Match Group runs Tinder, Match, PlentyOfFish, Meetic, OkCupid, OurTime, Pairs, and Hinge among other dating-related apps and websites.
Match Group’s shares on the New York Stock Exchange hit a record high on Aug. 7 after the company gave an optimistic earnings report and outlook based on Tinder’s strong subscriber growth and the Harmonica acquisition, according to Bloomberg.
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Match Group expects to retain a team of 12 full-time employees at its new Egyptian firm to help serve the Muslim demographic globally. Harmonica will stay in Cairo, Weetracker reports.
A dating app for the Arab world
Founded in 2017 by Egyptian entrepreneurs Sameh Saleh, Tamer Saleh, Aly Khaled, and Shaymaa Ali, Harmonica claims to have facilitated hundreds of marriages in Egypt.
The deal is a strategic move to provide more options for Match Group’s Asian market, where many countries are predominantly Muslim, according to Menabytes.
Match Group’s shares gained 29 percent on the announcement, hitting a high of $95.32 at a stage.