Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) has agreed to acquire Manus, a Singapore-based artificial intelligence company with Chinese roots, in a deal valued at more than $2 billion, Bloomberg reported on Tuesday.
According to the report, the acquisition, completed in roughly 10 days, marks a rare US purchase of an Asian tech company.
Meta plans to continue operating and selling Manus’ AI service while integrating its technology into its own products. A spokesperson confirmed that Manus will discontinue services and operations in China, and that all previous investors, including Tencent Holdings Ltd., ZhenFund, and HSG, have been bought out.
Manus, founded in China before relocating to Singapore, gained prominence earlier this year after the launch of its AI agent, which can perform tasks such as resume screening, travel planning, and stock analysis.
The company had an annual revenue run rate of $125 million and was valued at around $500 million in a funding round led by US venture capital firm Benchmark.
Meta CEO Mark Zuckerberg has prioritized AI development, investing billions in hiring researchers, building data centers, and developing new AI models. The Manus acquisition is seen as a move to accelerate Meta’s AI initiatives and generate more immediate returns on its AI investments.