Creator of Instapaper, Marco Arment, posted the news on his personal blog, saying the product has "grown far beyond what one person can do." Under the deal, Betaworks will reportedly take over app development and operations.
"To really shine, it needs a full-time staff of at least a few people," Arment said. "But I wouldn?t be very good at hiring and leading a staff, and after more than five years, I?d like an opportunity to try other apps and creative projects."
He went on to say Betaworks was the right firm to take over, and the deal will ensure the "health and longevity" of Instapaper moving forward. Arment didn't sell to a larger company for fear that his creation would be dismantled shortly after being acquired.
?The deal had a lot more to do with Instapaper itself than the competition, honestly,? Arment told The Next Web. ?I?ve been having a lot of trouble just keeping the product fresh, functional, and up-to-date for my existing customers.?
Instapaper was first introduced in 2008 as a Web app, which quickly expanded to include a one-click bookmarklet, a Web sync service, adjustable text views and an iPhone app with assets for offline reading.
Arment said the deal will allow him to focus on building other apps and "creative projects."