Fab.com has acquired True Sparrow, a technology startup company based in Pune, India. The deal was made in cash-and-stock and is based on future financial performance at the company.
True Sparrow co-founder Nishith Shah is currently the CTO of Fab.com. Previously Mr. Shah co-founded a company called Socialmedian with True Sparrow co-founder Deepa Shah (his wife) and Jason Goldberg (Fab.com CEO).
Socialmedian was sold to the German social network company Xing for $4 million and an earn out worth around $3.5 million. True Sparrow remained a technology partner for Socialmedian and Goldberg served as chief product officer after the acquisition took place.
Fab currently has 645 employees and has 9 million members worldwide. They are selling 4 design items per minute.