The original Bump app was created for smartphone users to easily exchange their contact information by "bumping" their phones together. However, as the smartphone became the go-to device for taking photos, recording video, and storing files, Bump began to build more features around the "bump" gesture. Bump Pay, for example, let one friend transfer money to another through a bump. Bump also introduced a function that lets you transfer a file from your smartphone to your PC by bumping the phone against your computer keyboard's space bar.
Bump's namesake app had seen more than 125 million downloads as of this March, its fourth anniversary, and Bump Technologies had raised around $20 million from top-tier investors like Andreessen Horowitz, Sequoia Capital, and Y Combinator, though it failed to find significant revenue. The Bump and Flock apps "will continue to work as they always have for now," according to Bump CEO Dave Lieb's blog post.
AllThingsD reports the deal was worth at least $30 million and up to $60 million.
[Image courtesy of Bump]