Facebook to snap up phone app company in $70m deal
Published 21/03/2011 | 05:00
Facebook has agreed to buy Snaptu, an application developer for mobile devices, as the world's largest internet social network focuses on expanding its mobile services.
It is expected to pay up to $70m (€49m) for the company.
The Israel-based company confirmed the deal in a new post on its company blog yesterday. Snaptu has already had dealings with its new owner-to-be, having developed one of the more popular methods for phone users to access Facebook.
The mobile platform offers a series of mini-interfaces for popular social networking portals, laid out in a style that mirrors the Apple iPhone's home screen.
"We decided that working as part of the Facebook team offered the best opportunity to keep accelerating the pace of our product development," the post read. "And joining Facebook means we can make a bigger impact on the world."
The site has been increasingly focusing on building up its mobile phone services for its online social network which has more than 500 million members.
Last week, Facebook said it had hired a member of Google's corporate development team to lead its fledgling merger and acquisition efforts.
Snaptu was founded in 2007 with the goal of providing "useful and innovative services to the 95pc of mobile users that don't have access to advanced smart phones.
The company's recent "Facebook for Feature Phones" app was a success, and ultimately a big deciding factor in allowing the acquisition to advance.