MeetMe, Inc. (NYSE MKT: MEET), the public market leader in social discovery, today announced it ranked 32 on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Rankings are based on five-year revenue growth. In that period, MeetMe, Inc. has grown its revenue 5300%.
"The November 2011 merger of Quepasa and myYearbook represented a key milestone for both organizations and its significance is reflected by our 2011 combined revenues," said John Abbott, CEO, MeetMe, Inc. "In the time since, we rebranded to MeetMe and completed the migration of the Quepasa user base to MeetMe, the final milestone of a yearlong integration effort which also included the consolidation of our operations in New Hope, Pennsylvania."
"We are pleased to be acknowledged for the second year in a row by Deloitte with regard to our revenue growth. We have seen tremendous growth over the last few years and believe internationalization presents an even larger opportunity to build a global, mass market brand," said Geoff Cook, COO MeetMe, Inc. and co-founder, myYearbook. "In June MeetMe was available in one language, English. In September it was available in three languages, with the addition of Spanish and Portuguese. By April of next year, we intend to be available in 13 languages, dramatically expanding the addressable market for our service to Europe, Asia, and the Middle East."
"We are proud to honor the 2012 Technology Fast 500™ companies, and commend them for their outstanding growth," said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications (TMT) leader. "These ground-breaking companies have outpaced their competition and are reinventing the way we do business today."
"The companies on the Fast 500 list are among those that have demonstrated remarkable innovation, creativity and business savvy," said Bill Ribaudo, partner, Deloitte & Touche LLP and national TMT leader for audit and enterprise risk services (AERS). "As a result, these companies have continued to successfully forge ahead in a challenging economic environment. We applaud the leadership and employees of MeetMe, Inc. for this impressive accomplishment."
MeetMe, formerly known as myYearbook, previously ranked 26th as a Technology Fast 500™ award winner for 2011.
Overall, 2012 Technology Fast 500™ companies achieved revenue growth ranging from 128 percent to 279,684 percent from 2007 to 2011, with an average growth of 2,774 percent.
About Deloitte's 2012 Technology Fast 500™
Technology Fast 500, conducted by Deloitte & Touche LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies -- both public and private -- in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2007 to 2011.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
About MeetMe, Inc.
MeetMe® is the leading social network for meeting new people in the US and the public market leader for social discovery (NYSE MKT: MEET). MeetMe makes meeting new people fun through social games and apps, monetized by both advertising and virtual currency. With 60% of traffic coming from mobile, MeetMe is fast becoming the social gathering place for the mobile generation. The company operates MeetMe.com and MeetMe apps on iPhone, iPad, and Android in English, Spanish and Portuguese.
Cautionary Note Regarding Forward Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding revenue growth, expanding to 13 languages by April of next year and international opportunities. All statements other than statements of historical facts contained herein, including statements regarding the continued growth in our core platform, are forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include: the risk that unanticipated events affect the internationalization of our mobile products, the acceptance of our new brand internationally, issues that affect the functionality of our mobile application with popular mobile operating systems, any changes in such operating systems that degrade our mobile application's functionality and other unexpected issues which could adversely affect usage on mobile devices, the effectiveness of our mobile software on smartphones and tablets, the willingness of our users to purchase virtual credits on their mobile devices, the willingness of users to try new product offerings and the willingness of Quepasa.com users to change to the MeetMe.com brand. Further information on our risk factors is contained in our filings with the SEC, including the Form 10-K for the year ended December 31, 2011. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
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E. Brian Harvey
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