Networking services provider Altruist acquired Singapore-based social network Bubbly on Friday for an undisclosed amount, providing an exit to several corporate investors.
Formerly known as Bubble Motion, Bubbly acts as a voice-based social network, through which users can record blogs orally in addition to posting photographs and text.
Bubbly had raised about $45m in funding since 2004 from investors including SingTel Innov8, which acts as Singapore Telecommunications’ corporate venturing arm, Comcast Ventures, which does the same for cable operator Comcast, Sinagporean state-backed Infocomm Investments, Sequoia Capital, Jafco Asia and Palomar Ventures.
News of the acquisition comes less than two weeks after reports that Bubbly, which claims to have 40 million users in Asia and the Middle East as well as 140 million users for its BubbleTalk voice messaging service, was set to liquidate.