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Technology / Networks

Cupid to sell casual dating sites for £45.1m

British online dating company Cupid Plc has signed an agreement to sell its casual dating sites including Benaughty.com,
Flirt.com and a number of other sites to Grendall Investment for £43.1m.

The online dating company has also signed a separate software licensing agreement with Grendall worth £2m, making the total value of the transaction to £45.1m.

Under the deal, staff of the online dating site will transfer to Grendall operational team in Ukraine.

Cupid plc CEO Bill Dobbie said that the disposal of the Casual Assets is a significant positive step for the group.

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"The bulk of our M&A and investment over the past few years has been in the area of niche and mainstream sites, and this will continue to be our area of focus going forward," Dobbie added.

"The proceeds from the sale will allow us to further enhance the remaining Group by strengthening our brands and also improving and widening the customer proposition.

"We have built a strong, revenue generating Group and we very much look forward to driving further growth within our mainstream and niche sites over the coming period."

After the completion of the transaction, Cupid plc will focus on its mainstream and niche dating sites including Cupid.com, LoveAgain.com, UniformDating.com, Amour.com, Serencontrer.com, GirlsDateforFree.com, Indian
Dating.com, Canoodle.com and YOLO.com.

The company said it will focus on improving the experience and positioning of sites with the target audience.

The Casual Assets of the company being sold include a portfolio of brands and their international equivalents as well as 100% stake of Cupid plc’s Cyprus based subsidiary companies, including Yarra Limited and EZD Limited which operated the European casual dating sites.
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