BeReal, the app known for its fleeting photo sharing window, has been acquired. On Tuesday, the French app developer Voodoo announced that it purchased the company for €500 million (about $537.23 million).

Launched by French developers Alexis Barreyat and Kévin Perreau in 2020, BeReal started gaining traction in 2022 when more users started partaking in the random, once-per-day opportunity to share photos with friends. But the hype surrounding BeReal quickly died down. Last year, a report from Platformer revealed the app suffered a steep drop in monthly active users, going from 15 million in October 2022 to 6 million in March 2023 as people became less enamored with the concept.

BeReal has since attempted to stay relevant with new features, like private groups and a “bonus” BeReal that lets users post more than once per day, which sort of counters the purpose of the app. It also launched its RealPeople feed in February that’s focused on showing posts from celebrities and brands.

Signs of trouble at BeReal emerged earlier this year. In March, sources told Business Insider that the app’s growth had plateaued, while company leaders began exploring additional rounds of funding or a possible sale. Voodoo claims BeReal currently has more than 40 million monthly active users, half of whom use the app at least six days a week. Voodoo says its acquisition will give BeReal “the opportunity to further innovate around new features and refocus on growth.”

BeReal founder and CEO Barreyat is also stepping down and will be replaced by Aymeric Roffé, the CEO of the Voodoo-owned social app Wizz.