MeetMe Acquires Tagged and Hi5 for $60M
March 6, 2017
MeetMe acquired Tagged and Hi5 — two social networking platforms operating under parent company if(we) — for $60 million in cash. Originally launched in 2004, Tagged differentiated itself from Facebook by focusing on helping users meet strangers rather than connecting with existing friends. Co-founder Greg Tseng, a TJHSST alumnus, built Tagged into a platform with tens of millions of users.
Tagged had previously purchased Hi5 in 2011 before the parent company rebranded as if(we). Following the acquisition, MeetMe consolidated these social discovery platforms and rebranded to The Meet Group. The combined company projected $150 million in annualized revenue with adjusted EBITDA of $50 million.
The Meet Group was itself later acquired by Parship Group (parent of eharmony) for approximately $500 million in 2020, marking a successful outcome for the social networking platform that TJHSST alumni helped build.