Co-founders of LoveByte will still continue to spearhead development, except now they will be migme employees
Australian company migme has today announced its acquisition of Singapore-based couple app LoveByte for an undisclosed amount.
While terms of the deal were not disclosed, Sng Wei Zhang and Chen Jia Jia, who are both Founders of LoveByte, will receive a mixture of cash and equity. A total of 757,939 shares will be issued on July 1, 2015.
Steven Goh, CEO, migme, said in an official statement, that the deal will help enhance migme’s engagement and monetisation objectives.
At the moment, LoveByte has more than 200,000 active users. Chen told e27 that 80 per cent of the users on the platform are between the age group 13-24, and that the app is most popular in the Philippines, followed by Vietnam.
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Other interesting insights include the fact that the most highly used sticker on the chat application is one of a ‘troll face’ meme, and that the second most popular feature on the platform is the ‘View Partner status’ tool. The most popular feature on LoveByte is still the one-to-one chat, added Chen.
Going forward, migme will combine the three things LoveByte is best known for — its flagship chat platform used by couples, the ability to make avatars via its ‘MiniMe’ avatar creation mobile app, and virtual gifting — and monetise these features. Chen and Sng will now work as employees under migme, and continue to spearhead development efforts.
Goh also told this author that migme will soon relaunch an apps/games platform. “Lovebyte will be part of that,” he said. “We’ll announce further details in due course.”
Sng added, “Joining the migme family is a huge milestone in our mission to help couples stay loving, and we can now ship to more users.”
Earlier this year, migme had made headlines with its acquisition of entertainment group alivenotdead.com. What will migme invest or acquire next?
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