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Tinder’s parent company acquires 51% stake in Hinge

Match Group, the parent company of dating apps Tinder, OkCupid, Match.com, Meetic, and OurTime.com bought 51% stake in millennial-focused, long-term dating app Hinge just weeks after Facebook announced that it is set to roll out a new match-making feature.

In a report by CNN Tech, Match Group (MTCH) CEO Mandy Ginsberg said that the company wants Hinge to “become a major player in the relationship space.”

Hinge had the same features as Tinder before such as the ‘swiping’ to like or dislike another user but later veered away from such to be established as a “relationship” app rather than a “hook-up app”.

According to Hinge CEO Justin McLeod, Mathc Group’s acquisition of a majority stake is to serve “millennials who are looking for more meaningful, lasting connections.”

“While our prime focus is on creating the most effective dating service for our members, it’s now time for us to bring that service to more people in the US and abroad. We’re thrilled to have Match Group’s support and scaling expertise as we grow,” McLeod added.

(Photo source: unhappyoptimist.com/ fortune.com)