Facebook buying Israeli start-up app-maker Onavo
15 Oct 2013
Facebook is buying start-up app-maker Onavo, the social media giant's biggest acquisition in Israel.
The companies did not reveal the financial terms of the deal, but the Calcalist financial news website said that Facebook is paying between $150 million and $200 million.
Founded 2010 by Guy Rosen and Roi Tiger, Onavo has developed iOS and Android apps that compress mobile data on smartphones and save money on mobile bills.
The privately-held company is backed by Sequoia Capital, Magma Venture Partners, Horizons Ventures and Motorola Mobility Ventures.
''As you know, Facebook and other mobile technology leaders recently launched Internet.org, formalising Facebook's commitment to improving access to the internet for the next five billion people - this is a challenge we're also passionate about," said Rosen and Tiger, in a blog post
''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,'' they added.
''We expect Onavo's data compression technology to play a central role in our mission to connect more people to the internet, and their analytic tools will help us provide better, more efficient mobile products,'' a Facebook spokesperson said in a statement.
Onavo's Tel-Aviv office will become Facebook's office in Israel, Facebook said, while Onavo plans to continue running its mobile utility apps as a stand-alone brand post closing.
