Social network Bubbly in talks over possible acquisition
Social network Bubbly is in discussions with multiple interested suitors regarding a possible acquisition, Chief Executive Officer Thomas Clayton said. This was according to a report published by The Next Web (TNW).
Clayton told TNW that one gaming company is also courting Bubbly. However, he declined to give other details of the possible deal. Clayton also did not provide financial details of the potential acquisition, the report said.
The company's CEO told TNW last year that Jafco Asia's USD5 million investment would be Bubbly's last fundraising activity. After that, the firm will conduct an exit either through an initial public offering (IPO) or an acquisition. There was reportedly no indication that the social network will be sold soon. However, Clayton hinted that Bubbly could move towards gaming and messaging if it is acquired, the report stated.
Bubbly is a mobile social network based in Singapore. At present, the site has more than 30 million users. Bubbly is backed by Sequoia Capital and SingTel, TNW reported.