Facebook acquires photo-sharing startup Divvyshot

Facebook, the privately owned social networking website, has acquired Divvyshot, a photo-sharing start-up, for an undisclosed sum. 

The San Francisco, California-based Divvyshot was looking to raise funds from private equity players, when Facebook approached it with a better stock and cash offer. Both companies, however, did not divulge the financial terms of the transaction.

"We are excited to announce that we've received an offer we can't refuse. Facebook recently reached out to us about acquiring Divvyshot. The more we've learned about the team, their direction, and their product, the more excited we've become about this opportunity," said Divvyshot in a statement on its website.

The Palo Alto, California-based Facebook said in a statement: "We recently completed a small talent acquisition involving the team at Divvyshot. We've admired the engineering team's efforts for some time now and this is part of our ongoing effort to add strong talent to help drive the company forward in its efforts to be the central way for people to connect and share information."

Founded in 2009 by Sam Odio, Divvyshot describes itself as the solution to "photo sharing, especially among groups of friends and family members."

Divvyshot said that it will no longer accept new accounts and will move all its existing users to Facebook within the next six weeks.

Two of Divvyshot's three employees will join Facebook's photos team, where its 400 million users worldwide upload more than 3 billion photos each month.