Bumble Inc. Signs Agreement to Acquire Group and Community App Geneva

Rhea-AI Summary

Bumble (NASDAQ: BMBL) has announced plans to acquire Geneva, a group and community app designed for connecting people based on common interests. Founded as a connection company, Bumble aims to enhance its Bumble For Friends platform by expanding from one-to-one friendships to community-based interactions. Bumble’s portfolio includes Bumble, Badoo, Fruitz, Official, Bumble For Friends, and Bumble Bizz, offering diverse connection opportunities. The acquisition aligns with Bumble's mission to foster healthy relationships and create safe spaces for connection. The deal is expected to close in Q3 2024, pending customary conditions.

Positive

• Bumble's acquisition of Geneva aims to expand its friendship offerings to include group and community connections.
• The deal aligns with Bumble's mission to create safe and kind connection spaces.
• Bumble's diverse portfolio now includes options for dating, committed relationships, friendships, and professional networking.
• The acquisition is anticipated to close in Q3 2024, potentially boosting Bumble's market presence.

Negative

• The acquisition is subject to customary closing conditions, which could pose potential delays.
• No financial details of the acquisition were disclosed, leaving investors uncertain about the deal's cost and impact on Bumble's finances.

The Geneva technology platform will support Bumble Inc.’s vision to expand its friendship offering beyond one-to-one connections to community spaces

AUSTIN, Texas--(BUSINESS WIRE)-- Bumble Inc. (NASDAQ: BMBL), today announced its intention to acquire Geneva, the group and community app for people to connect based on shared interests.

Bumble Inc. was founded as a connection company with the mission to create experiences that foster healthy and equitable relationships. The Bumble Inc. portfolio encompasses Bumble, Badoo, and Fruitz for dating, Official for committed relationships, Bumble For Friends for friendships, and Bumble Bizz for professional networking to build connections for its community of customers throughout their lives.

Through the planned acquisition of Geneva, Bumble Inc. aims to rapidly expand the Bumble For Friends experience from one-to-one connections to groups and communities to serve the many ways people seek friendships. This experience - like all others on Bumble Inc.’s platforms - will be centered on creating kind and safe spaces for connection.

The acquisition is anticipated to close in Q3 2024, subject to customary closing conditions.

Read more on The Buzz: Bumble’s Expanded Vision for Friendship and Connection

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that are not historical facts are "forward looking statements." The use of words such as "anticipates," "plans," "intends," "estimates," "expects," and "believes," among others, generally identify forward-looking statements. These forward-looking statements are based on management's current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including uncertainties related to, among other things, the costs and expected benefits of the transaction and the impact of the transaction on the business of Bumble Inc., as well as other circumstances beyond Bumble Inc.'s control. Certain of these and other risks and uncertainties are discussed in Bumble Inc.'s filings with the Securities and Exchange Commission, including Bumble Inc.’s annual report on Form 10-K for the year ended December 31, 2023 and its subsequent periodic filings. Forward-looking statements included in this press release are made as of the date hereof, and Bumble Inc. does not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.

About Bumble

Bumble Inc. is the parent company of Bumble, Bumble For Friends, Badoo, Fruitz, and Official. The Bumble platform enables people to build healthy and equitable relationships, through Kind Connections. Founded by Whitney Wolfe Herd in 2014, Bumble was one of the first dating apps built with women at the center and connects people across dating (Bumble Date), friendship (Bumble For Friends), and professional networking (Bumble Bizz). Badoo, which was founded in 2006, is one of the pioneers of web and mobile dating products. Fruitz, founded in 2017, encourages open and honest communication of dating intentions through playful fruit metaphors. Official is an app for couples that promotes open and honest communication between partners and was founded in 2020.

For more information about Bumble, please visit www.bumble.com and follow @Bumble on social platforms.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240519753736/en/

Investor Contact

ir@team.bumble.com

Media Contact

press@team.bumble.com

Source: Bumble Inc.

FAQ

What is the purpose of Bumble's acquisition of Geneva?

Bumble aims to expand its Bumble For Friends platform from one-to-one friendships to group and community-based interactions by acquiring Geneva.

When is Bumble's acquisition of Geneva expected to close?

The acquisition is anticipated to close in Q3 2024, subject to customary closing conditions.

How will Bumble's acquisition of Geneva enhance its offerings?

The acquisition will enable Bumble to offer group and community connection spaces, expanding the Bumble For Friends experience.

What apps are included in Bumble's portfolio?

Bumble's portfolio includes Bumble, Badoo, Fruitz, Official, Bumble For Friends, and Bumble Bizz.