Betaworks, a technology firm based in New York has acquired the brand name and the official website of Digg.

The deal comes after the Digg shot to fame in a very short period of time and faced its ultimate decline in the market. Betaworks has said in a blog post that it will aim at retuning Digg to its root. Betaworks blog post read that Digg will be converted back into t a start-up with ‘low budget, small team, fast cycles’.

Digg has been struggling to compete with the rival sites such as Reddit and had recently changed its site layout, its business model and, ultimately, sold off critical parts of its company. SocialCode, a social media advertising firm and subsidiary of The Washington Post had roped in 15 engineering employees from Digg.

Betaworks is the maker of the popular News. me and there are indications that Digg’s core assets will be merged with News. me. The company was focusing on an advertising side of social news with Digg Ads allowing users to promote of demote adds on eth basis of relevance.

Digg chief executive Matt Williams said that this is the “next stage in Digg’s future” and added that the first project for the company within Betaworks will be to offer the cloud-based version of the service to complement its News. me’s apps for iOS.