Bumble announced Tuesday that it has agreed to the acquisition, which follows a review of strategic options by an independent committee of its board. The committee recommended the transaction after consulting outside legal and financial advisers. Founder Whitney Wolfe Herd did not participate in the board's discussions or vote on the deal, according to the company.
The deal comes after years of declining subscriber numbers and falling revenue. Bumble reported second-quarter 2026 revenue of $211 million, down 15.2% year over year, while its paying user base fell 16.4% to approximately 3.2 million. The company has faced growing dissatisfaction with the familiar swipe-based model.
Wolfe Herd said the deal would give Bumble a partner that shares its vision. "In Ithaca, we have found a partner who shares our vision, believes in our women-first mission, and is committed to investing in Bumble's future," she said. She confirmed she plans to stay actively involved in the business, working alongside Ithaca's Ravi Gupta and John Hegeman and the Bumble team.
Going private may give Bumble more flexibility to experiment with new features without having to answer to public-market investors every quarter. The company has been exploring AI-driven features and putting more energy into helping people connect offline, reflecting a broader shift in how younger users approach dating. That includes Plans, announced in July, an app focused on bringing people together through real-world activities. Wolfe Herd has also revealed that the company is developing a new way for users to interact that could eventually replace the swipe-based model.