Hello Group takes majority stake in dating platform Inner Circle
The Amsterdam-based service will keep its name and operating base as Hello Group backs its expansion into new markets.
Nasdaq-listed Hello Group has bought a controlling stake in Inner Circle, adding the Dutch dating platform to its portfolio of social and dating apps. The companies announced the acquisition without revealing its price or the percentage acquired.
Inner Circle will continue under its existing name, with operations remaining in Amsterdam. Personal information belonging to members will remain covered by the EU’s General Data Protection Regulation (GDPR). Hello Group will provide technology, product development and operational support as the platform seeks to enter additional markets.
Established in 2012, Inner Circle reports nearly 9 million members, concentrated mainly in Europe and Latin America. It screens applicants before admitting them and uses interests, lifestyles and values to match members. Its services also include groups organized around interests, known as Circles, and in-person gatherings.
Hello Group said the purchase supports its strategy of owning apps that serve different approaches to meeting people and socializing. Its holdings include Coffee Meets Bagel, happn, Momo, tantan and Soulchill.
Tang Yan, Hello Group’s chairman and chief executive, said the group’s experience could help bring Inner Circle to additional countries. Inner Circle co-founder and chief executive David Vermeulen said the company hopes the backing will extend its alternative to swipe-centered dating to more people and cities.
