07/14/2015 10:03 EDT | Updated 07/14/2016 01:12 EDT

NewsAlert:PlentyOfFish reeled in by New York-based Match Group for US$575 million

TORONTO — The Match Group, the New York-based company that owns, OkCupid and Tinder, says it has purchased Vancouver-based dating website PlentyOfFish for US$575 million in cash.

In a statement on its website, Match Group CEO Sam Yagan says it was attracted to PlentyOfFish's consistent growth and it plans to integrate the Canadian company's mobile app into its existing family of digital and online dating services.

In March, PlentyOfFish surpassed 100 million users.

CEO and founder Markus Frind launched the company from his Vancouver apartment in 2003.

The Match Group says the deal is subject to approval from the federal industry minister and is expected to close early in the fourth quarter.

More Coming.

The Canadian Press