Contrary to rumours, Singapore-based mobile social media company Bubbly, or formerly known as Bubble Motion, is still alive and kicking. Today, the firm announced that it has been acquired by Altruist Group, a provider of Telecom value-added service (VAS) platforms across Europe, Africa and Asia.

With more than 40 million users globally, the company has raised US$39 million in funding from Sequoia CapitalSingTel Innov8, and JAFCO Asia in the last nine years of operations. It is most well-known for its social voice service that allows users to record and share short voice updates via a feature or smart phone.

Altruist, on the other hand, runs a voice-based mobile social network and a few other mainstream mobile services for emerging markets, like JobsOnPhone.

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Dheeraj Aggarwal, Co-founder, Altruist Group, shared that Bubbly is a “perfect complement” to Altruist’s European and African voice platform business, which has snagged more than 80 million active voice messaging users.

The official document also noted that existing investors in Bubbly will remain as minority shareholders in the combined entity.

The acquisition amount was not disclosed.

More updates to follow.

UPDATES: In conversation with e27, Thomas Clayton, CEO, Bubbly, said that it was a large stock transaction. In addition, talks between Bubbly and Altruist Group only started a few weeks ago.

“Several companies came to us and were extremely interested all of a sudden, so it was a bit of a bidding war that led to a better outcome than any of us could have imagined just a couple of months ago,” he shared.

Going forward, Altruist’s management team will be taking over Bubbly while Clayton will remain as an advisor to the business. According to The Next Web, he will also move back to the US for personal reasons but carry on as Special Advisor to newly started Southeast Asia-centric venture firm Monk’s Hill Ventures.

“Don’t want to (steal) any thunder from the good news here… stay tuned,” he concluded, talking about plans ahead. In a latest update, according to Clayton’s LinkedIn profile (h/t to e27 reader and commenter clay001), the entrepreneur is currently employed as VP of International Operations at Houzz, a home design website.