Grindr announced the acquisition of PurposeMed, the parent company of HIV prevention telehealth provider Freddie, for $250 million, consisting of $190 million in cash and $60 million in Grindr common stock, with up to $70 million additional based on 2027 performance. This deal marks Grindr’s first major acquisition since the company was founded in 2009 and is expected to close in the fourth quarter. Grindr aims to expand its LGBTQ healthcare platform Woodwork, launched in 2025, by integrating telehealth services directly into its app. The company projects more than $400 in monthly revenue per active patient, estimating roughly $240 million in annual revenue at a scale of 50,000 U.S. patients. Morgan Stanley upgraded Grindr’s stock to overweight from equal weight, raising its price target from $16 to $18.
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