Last Updated on Tuesday, 15 October, 2019 at 3:41 pm by Christian Keszthelyi
Online entertainment and communications SOL Holdings is merging international internet holding SDVentures, essentially creating Dating.com Group, according to a press statement sent to Business Malta. SDVentures will receive $215 million in cash and an equity stake in Dating.com Group. The two holdings are merging their dating and social discovery products.
Dating.com Group will be the sole owner of two entities’ dating projects. Dating.com Group will have offices in seven countries and a team of more than 500 professionals.
Dating.com Group joint holding aspires to become one of the largest global companies in dating and social discovery industry targeting European, Asian and American markets. The holding is expected to have an annual revenue exceeding US$200m and counts more than 73 million registered users across the brands including Dating.com, DateMyAge, LovingA, Tubit, AnastasiaDate, ChinaLove, and more.
“Without a doubt, the deal between SDVentures and SOL Holdings not only increases the capitalisation of our company, but also takes us to a new level. Partnership with SDVentures and Dmitrii Volkov will allow us to expand our market presence and strengthen our global positions,” says Alla Gubenko, founder of SOL Holdings.
“I plan to dedicate a significant amount of my time and energy to the development of Dating.com Group, the new conglomerate. SDVentures does not currently plan to sell any other assets. Our goal is to focus on the growth and promotion of new projects, as well as on investments, particularly in technology companies,” says Dmitry Volkov, the founder of SDVentures.
Mr Volkov plans to reinvest the funds in technology companies and startups. Since the foundation of SDVentures in 1998, the holding has been engaged as a limited partner — mostly an institutional investor who commits capital to a venture fund — in venture funds such as Khosla Ventures, DCM Ventures, JVP, Blockchain Capital, Oaktree Capital, Mangrove Capital Partners, DN Capital, 500 Startups and others.
Mr Volkov’s direct investments have included technology companies such as Flo Health, Grabr, LinguaLeo, Layer, Academia, Halo Neuroscience, Patreon, Sunflower, Fable, and Harbor Space University, according to the press statement. Mr Volkov is also a general partner — the venture capital partner of the management company — of Gagarin Capital, a venture capital firm investing in AI projects in the Silicon Valley, CIS countries and Asia, the press statement adds.
SDVentures — headquartered in Gzira, Malta — is an international holding company that owns brands across 20 countries, mostly in the online space. SOL Holdings is an international internet-holding company headquartered in Malta. SOL specialises in the creation of websites, where people from different countries can expand their social and business connections.
EDITORIAL NOTE: The original lead suggested that SOL Holdings purchased SDVentures. The lead was rephrased after the issuer of the press release clarified that SOL Holdings only purchased a part of SDVentures’ assets.