Facebook Acquires Snaptu For Double Digit Millions
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Facebook has acquired Snaptu, a company that was founded in 2007. Snaptu provides services to the 95% of mobile users that do not have a smartphone. Snaptu created a Facebook application earlier this year called Facebook for Feature Phones. It works on 2,500 devices.
The acquisition is expected to close in the next few weeks. According to TechCrunch, the acquisition is valued between $60-$70 million, but there are other reports are pegging the deal at about $40 million. Snaptu raised over $6 million in venture funding from Carmel Ventures and Sequoia Capital. Snaptu is based in London and has offices in Tel Aviv and Silicon Valley.