The site lets users send anonymous questions to those around them, which led to the site being the centre of some controversy due to reports of trolling and bullying on the site.
These concerns came to a head in 2013, when an investigation was made into a series of suicides that were said to be a result of abuse sent on the forum.
In light of this investigation, IAC took on the project of building both user and parental confidence in the site.
And just two years later, IAC has sold the Q&A forum to asset management firm Noosphere.
Ask.fm said: “IAC helped us get to the place we are today, but our future lies with an operator with whom our product is a more strategic fit – one who has a local presence with our team and is committed to growing our leadership position in the Riga tech landscape.
“Noosphere is committed to remaining vigilant on safety, and ensuring the progress made to date stays core to our DNA moving forward.”
Although it has not been said how much the platform was bought for, it seems that the main concern for the new owners is to ensure the safety of Ask.fm’s 150m users.
Noosphere CEO, Tanya Snopko, spoke about these plans, saying: “Ask.fm has spent the past two years building out its safety operations and processes, dramatically improving the safety and trust of its platform during that timeframe.
“This expertise is infused across the company and Noosphere is committed to supporting this investment moving forward.
“Along with following the strict security policy, we are going to work hard at attracting more mature audience mainly by means of marketing synergy of our existing AdTech projects.”
Following the abuse claims, Ask.fm also set up a safety advisory board, in hopes of changing how people used and felt about the site.
To read more about the board, please click here.