Meta Platforms, owner of Facebook and Instagram, has agreed to acquire AI firm Manus based in Singapore for over $2 billion. Manus specializes in developing autonomous general-purpose agents for tasks like market research and coding. Meta plans to integrate Manus technology into its products while continuing to operate the service.

Manus, with approximately 100 employees in Singapore, reached $100 million in annual recurring revenue within eight months of its release. Co-founder Xiao Hong will join Meta, reporting to COO Javier Olivan. Prior to the acquisition, Manus raised $75 million in funding led by Benchmark, valuing the company at $500 million.

Originally known as Butterfly Effect, Manus moved its headquarters to Singapore from Beijing and Wuhan following investment from Benchmark. With investors like HSG, ZhenFund, and Tencent, Manus offers capabilities like creating research reports and websites using AI models. Since its launch, Manus has served millions of users and businesses, processing over 147 trillion tokens and generating 80 million virtual computers.

Read more at Yahoo Finance: Meta to acquire AI agent company Manus