Grindr has confirmed plans to become a public company in a $2.1 billion merger deal with Tiga Acquisition Corp (TAC).
The dating app, which has 10.8 million monthly active users, also said it hopes to hire an LGBTQ+ CEO in the announcement on 9 May.
TAC is a Singapore-based special purpose acquisition company (SPAC), meaning that it raises money first and seeks a business to buy later.
Grindr will reportedly receive $384m ($475.5m) from the deal, with the rollover equity being valued at $2.1bn (£1.7bn).
“It has been the longstanding goal of Grindr’s current ownership and management that Grindr be led by members of the LGBTQ+ community,” the company said in a statement.
“Working together, Grindr’s board and management have identified and been in discussions with a potential new chief executive officer candidate who would bring a depth and breadth of experience across technology, finance, and management, including time spent in an executive leadership role at a public company.”
into public? https://t.co/ss4rhARET5
— Grindr (@Grindr) May 9, 2022
The deal means that the app would join the Match group, which owns similar apps like Tinder and Hinge.
“Bringing Grindr to the public markets with TAC furthers our mission to connect the LGBTQ+ community,” said James F. Lu, Chair of Grindr’s Board of Directors. “This transaction is a milestone event, not only for our iconic company, our people, partners, and investors, but also for the community we serve around the world.”
In December 2021, the average time people spent on the app reached 61 minutes per day.
Users who are 35-years-old or younger make up 80% of profiles, with 723,000 users paying for the app in the same month.
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