Match Group (MTCH) Buys Egyptian Dating Startup Harmonica

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Match Group (NASDAQ:MTCH) is looking to expand its business to new regions with the purchase of dating service Harmonica.

Match Group (MTCH) Buys Egyptian Dating Startup Harmonica

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Harmonica is a dating startup based out of Egypt that that has a focus on helping Muslims find matches. While the current scope of the service is limited, MTCH wants to expand it to 33 countries with Muslim populations. The financial details of the deal were not announced by Match Group.

“Sameh founded Harmonica after witnessing his sister and other relatives attempt to meet potential husbands through the arranged marriage process,” the company told MENAbytes. “He believed technology could facilitate meaningful relationships and empower singles to meet their future life partners, but there were no products serving his community or addressing more conservative cultural norms.”

The Match Group news doesn’t stop with its acquisition of Harmonica. The company has also released its earnings report for the second quarter of 2019. Luckily, it looks like the company is doing well for itself.

Match Group reported earnings per share of 43 cents on revenue of $497.97 million for the second quarter of 2019. This compares to its earnings per share of 45 cents and revenue of $421.20 million from the same period of the year prior. It was also good news for MTCH stock by beating out Wall Street’s earnings per share and revenue estimates of 40 cents and $488.96 million.

MTCH stock was up 25% as of Wednesday afternoon and is up 74% since the start of the year.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2019/08/match-group-buys-egyptian-dating-startup-harmonica/.

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