Facebook Inc (FB) Acquires App Analytics Company Onavo For Up To $200 Million
Facebook Inc (NASDAQ:FB) has bought a mobile analytics company called Onavo. The price of the acquisition is believed to be up to $200 million, according to several reports. Onavo has offices based in Tel Aviv and Palo Alto. Facebook is going to turn Onavo’s office in Tel Aviv into their first Israel-based office.
Thirty employees will be joining Facebook at that office. Founded in 2010, Onavo raised $13 million from Sequoia Capital and several other venture capital companies. Onavo was founded by Guy Rosen and Roi Tiger. Onavo is a mobile data usage analytics company that lets users see how their service compares against other companies. Below is a memo that Onavo sent out:
We are excited to announce that Facebook has agreed to acquire our company.
Three years ago, we started Onavo with the goal of helping today’s technology consumers and companies work more efficiently in a mobile world. We developed the award-winning Onavo mobile utility apps, and later launched Onavo Insights, the first mobile market intelligence service based on real engagement data. Our service helps people save money through more efficient use of data, and also helps developers, large and small, design better experiences for people.
We’ve built world-class products and a remarkably talented team which has pioneered important breakthroughs in data compression technology and mobile analytics. Today, we’re eager to take the next step and make an even bigger impact by supporting Facebook’s mission to connect the world.
As you know, Facebook and other mobile technology leaders recently launched Internet.org, formalizing Facebook’s commitment to improving access to the internet for the next 5 billion people — this is a challenge we’re also passionate about.
We’re excited to join their team, and hope to play a critical role in reaching one of Internet.org’s most significant goals – using data more efficiently, so that more people around the world can connect and share. When the transaction closes, we plan to continue running the Onavo mobile utility apps as a standalone brand. As always, we remain committed to the privacy of people who use our application and that commitment will not change.
We are incredibly proud of the talented team we have assembled, and, recognizing this, Onavo’s Tel-Aviv office will remain open for business and will become Facebook’s new Israeli office.
We’ll continue to advance the work we are doing in collaboration with Facebook’s great team. Thank you to everyone who has joined us on this journey. We’d like to extend a special thanks to our investors, who believed in us and in our vision from the early days. We’re excited for what’s next.
Guy Rosen, Co-Founder & CEO
Roi Tiger, Co-Founder & CTO
[Source: BusinessInsider]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry