Reports have just come in that social networking giant Facebook, has just acquired the Israeli company Snaptu for an amount of around $60-70 million, with some newspapers and reports having listed the price at $40 million. A Snaptu executive has recently confirmed the rumor of the acquisition. However, he refused to discuss any details regarding the payment options or other aspects and terms of the deal. There has also been an update on the Snaptu official blog stating that they have been acquired by Facebook. The acquisition is said to take place within the next few weeks itself.
In fact, rumors of an acquisition like this have been flooding the market for a few months now. Snaptu had previously announced the launch of a new mobile application that would be able to give the Facebook users a new and great experience using a wide range of phones. In fact, the Facebook for Mobile application already supports more than 2500 devices. As it would accelerate their growth, it was recently decided by Snaptu that it would be of great benefit for the product development department if the company worked as part of the Facebook team, allowing the company to have an increased impact by merging platforms.
Snaptu essentially provides solutions for deploying, managing and developing online services, predominantly for mobile phones. The startup company was also planning on striking deals for feature filled apps with companies such as Twitter and LinkedIn.
The company, founded in 2007 and based in London, also raised over six million dollars in venture capital funding from Sequoia Capital in recent times. This is the first international acquisition by Facebook and also the fourth company they have acquired this year.