Bumble Agrees to $1.3B Acquisition by Ithaca Holdings

Online dating app Bumble has agreed to a $1.3 billion acquisition deal with Ithaca Holdings, marking a significant shift for a company that was once seen as a major success story in the sector.

The transaction will take the company private after years of declining subscriber numbers and falling revenue. This move may provide Bumble an opportunity to focus on its next chapter away from the pressures of public markets.

Founded in 2014 by Whitney Wolfe Herd, Bumble differentiated itself by allowing women to make the first move. The new owner, Ithaca Holdings, is known for its long-term investments in technology businesses.

The companies expect to close the transaction in the third quarter of this year. The deal is subject to regulatory approvals and other customary closing conditions. Specifics regarding the acquirer's plans for Bumble's services remain limited.