Facebook buys Israeli start-up app-maker Onavo

Published October 14, 2013
The Facebook logo is displayed on a computer screen in Brussels April 21, 2010.  Over the past six years, social networking has been the Internet's stand-out phenomenon, linking up more than one billion people eager to exchange videos, pictures or last-minute birthday wishes.  Picture taken April 21, 2010. — Reuters Photo
The Facebook logo is displayed on a computer screen in Brussels April 21, 2010. Over the past six years, social networking has been the Internet's stand-out phenomenon, linking up more than one billion people eager to exchange videos, pictures or last-minute birthday wishes. Picture taken April 21, 2010. — Reuters Photo

Tel Aviv, Oct 14, 2013 - Facebook has agreed to buy start-up app-maker Onavo, the Israeli company said on its website on Monday, without giving any details of the deal.

Facebook is paying between $150 million and $200 million, the Calcalist financial news website said, making it the social media company's biggest acquisition in Israel.

The company, founded three years ago, said that once the transaction closes, Onavo's mobile utility application - which helps people cut mobile phone costs through more efficient use of data - will run as a standalone brand.

Onavo has raised $13 million in venture capital, according to Calcalist. Its investors are Sequoia Capital, Magma Venture Partners, Horizons Ventures and Motorola Mobility Ventures.

Onavo will keep its Israeli offices, making this the first time Facebook will run a research and development centre in Israel, according to the Haaretz news website.

When Facebook acquired Snaptu and Face.com, it transferred the employees to its own offices in California, where Onavo already has offices.

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...