Tinder's parent firm buys 51% stake in rival app Hinge

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Match Group -- Tinder's parent company -- has acquired 51 per cent stake in long-term dating app Hinge, also dubbed the anti-Tinder app, the media reported. This comes just weeks after social networking giant Facebook announced that it wants to introduce a match-making feature.

"Match Group, which already owns platforms like OkCupid, Match and Tinder, announced that it acquired a 51 per cent ownership stake in dating app Hinge," CNET reported late on Wednesday.

Match now has the right to purchase all the remaining shares of Hinge within the next year. However, both the companies did not reveal further terms of the deal.

"Hinge, like Tinder, once included a swiping feature, which it did away with nearly two years ago. It switched to a model focused on 'real' relationships as opposed to hook-ups. Users can create profiles and like and comment on each other's photos," the report added.

Mandy Ginsberg, CEO of Match Group reportedly said that the firm is ready to "leverage extensive experience" to enable Hinge to "become a major player in the relationship space".

Match Group said it acquired its initial stake in September 2017 and has gradually increased its stake ever since, CNN reported.