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    Here’s Why MeetMe Is Rebranding Its Parent Company

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    The company wants to position itself as an umbrella company for more meeting app acquisitions.

    This week, MeetMe (MEET) announced that it’s rebranding the parent company of all of its website and apps from MeetMe to The Meet Group. The strategy comes just as MeetMe closed on its acquisition of if(we), a social media company that includes both the hi5 and Tagged meeting apps, to take on competitors in the cutthroat social-media space.

    What the company’s doing

    The Meet Group said in a press release that it’s changing its name as it focuses on acquiring new companies and building out a strong portfolio of brands for people meeting people. Geoff Cook, CEO of The Meet Group, said in prepared remarks included in the release that, «We are no longer MeetMe, Inc. running a single app, but a global portfolio of mobile meeting apps that spans ten million monthly active users.»

    The company now consists of the MeetMe, Skout, Tagged, and hi5 social-meeting brands. The latter two came via the if(we) acquisition for $60 million in cash last month. Meet Group expects the deal to contribute $9 million of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first 12 months, and help the company generate $150 million in annualized revenue and $50 million of adjusted EBITDA.

    If(we) brought in $44 million in revenue last year, and saw its mobile revenue growth jump by 56% year over year in the fourth quarter of 2016. The company’s users have now boosted The Meet Group’s total mobile monthly active users to 10.6 million.

    From this, we start to see why MeetMe is looking to rebrand. The company has been growing its user base and its list of services through acquisitions, and it appears that it’s looking to do more of this in the future to fuel more growth. Прочитать остальную часть записи »

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