Meet Group rings Nasdaq Opening Bell as company rebrands from MeetMe
Tom Paine
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— Nasdaq (@Nasdaq) May 3, 2017
The Meet Group, Inc. rang the Opening Bell at The NASDAQ Stock Market on May 3, 2017. Geoff Cook, Chief Executive Officer, and other members of management visited the Nasdaq MarketSite in New York City’s Times Square in celebration of the rebranding of MeetMe to The Meet Group.
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 in March.
“We are excited to rebrand MeetMe to The Meet Group. Our growing portfolio unites all of our brands with a singular purpose: to meet the universal need for human connection,” said Mr. Cook. “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 will continue to trade under 'MEET'.
MeetMe, Inc. Stock Jumped 21.9% in March, as MeetMe reported revenue had increased 47%, to $29.2 million, while adjusted net income rose 56%, to $12.4 million, or $0.19 per share, in Q4 2016. Q1 2017 earnings are due out May 8. New Hope-based Meet Group, which grew out of MyYearbook and Quepasa's 2011 acquisition of it, now has a market capitalization of $357 million, and is seen as a significant player in the mobile social meeting apps space.
Two other points worth mentioning: In March, First Round Capital partner Chris Fralic joined Meet Group's board of directors. He had previously served in the past as a board observer to MyYearbook, in which First Round was an investor. Presumably, Fralic can be a helpful advisor on M&A moves, dealing with the venture community, and in general with the increased visibility Meet is receiving.
Also, Mark Constan, a prolific recruiter, has joined Meet Group as Director of Recruiting, as there are indications that the company is trying to deepen its development and data science skill sets.
Very excited to start as Director of Recruiting with @MeetMe and the family of companies part of The Meet Group @skoutapp @hi5 @Tagged @ifwe— Mark Constan (@markconstan) April 22, 2017
Overall, Cook has done a good job of leading Meet through some tricky transitions and generally meeting expectations.
