Mediaboss Marketing

New Hope social networking company MeetMe Inc. will pay $60 million to acquire if(we), a San Francisco-based social and mobile technology company.

If(we) is the company behind Tagged and hi5, two mobile brands that, like MeetMe, connect users to others based on shared interests and location.

MeetMe said the acquisition would boost the number of mobile monthly active users by 28 percent to 10.6 million; daily users would increase 40 percent to 2.8 million.

Tagged and hi5 will remain separate brands and standalone mobile applications, and if(we) will remain headquartered in San Francisco. MeetMe said it has offered employment to 87 of if(we)'s 100 employees, and CEO Dash Gopinath will stay on for a year after the deal closes.

MeetMe CEO Geoff Cook said the deal "provides a clear pathway" to $150 million in annual revenue, with $50 million in adjusted earnings. The deal will be funded through cash and a $30 million bank loan from J.P. Morgan Chase.

"We are very excited to add if(we) and its flagship brands Tagged and hi5 to our portfolio of mobile apps for meeting and chatting with new people," Cook said in a statement.

Read more from the original source:
New Hope social networking company acquires San Francisco firm - The Intelligencer