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Mergers & Acquisitions | 22 August 2014

Altruist Technologies Acquires Sequoia Backed Bubbly

by Tilak Devadiga
Altruist Technologies Acquires Sequoia Backed Bubbly
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Mobile Social Networking solutions provider, Altruist Technologies has acquired Singapore based voice-based social media app Bubbly.

The deal adds 40 million or so users across Asia and the Middle East, as well as another 140 million BubbleTalk users across India and Asia, to Altruist.

Bubly, formerly known as Bubble Motion has raise a total of $39 Mn from marquee investors including Sequoia Capital, Comcast Ventures, Palomar Ventures, JAFCO Asia, NGP, Infocomm Investments, and SingTel Innov8.

The investors had previously stated shutting down the firm, however now they would continue to be minority shareholder in the combined entity.

The company had began as a voice messaging app, subsequently in 2012 it pivoted to a social network featuring celebrities and other exclusive content owners.

Altruist Technologies Private Limited started in the year 2005 operates in Mobile Social Networking space in India, Indonesia & Nigeria. It runs a voice-based mobile social network and a few other mainstream mobile services for emerging markets, like JobsOnPhone.

Alturist Other Buys:

  • 2012 - Sweden-based Teligent Telecom, supplier of infrastructure solutions and value-added services to telecom carriers, in an all-cash transaction.
  • 2011 - US-based mobile technology firm RelayStrategy LLC; Delhi's Mobisoft Telesolutions, which runs the website Phoneytunes.com; invested seed capital in a Mumbai-based mobile gaming start-up called Vegam.
  • 2009 - Mumbai based Mobile2Win in a share swap transaction.
-TheNextWeb

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