Facebook Buys Israeli Mobile Startup Onavo
Oct 14th 2013 4:42PM
Updated Oct 14th 2013 5:02PM
Facebook has ventured far overseas to nab its latest acquisition. The social networking giant has bought privately held Israeli app maker Onavo, the latter revealed in a company blog post. The terms of the deal were not made public.
Onavo specializes in apps that compress mobile data and analyze its usage. According to the firm, its Extend app can "increase the power of [a] data plan by up to 500%." Two of its titles, Extend and Count, are available for Apple's iOS and Google's Android platforms. A third, the security app Protect, is only available for iOS. Onavo also runs Insights, a mobile analytics service.
Acquiring the Israeli firm should help Facebook in its ambitions to reduce the cost of Internet access for disadvantaged communities. A company spokeswoman told Reuters that "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."
Facebook is one of the prime movers behind Internet.org, an initiative aimed at making online access available to under-served parts of the world.
The article Facebook Buys Israeli Mobile Startup Onavo originally appeared on Fool.com.Fool contributor Eric Volkman owns shares of Facebook. The Motley Fool recommends Apple, Facebook, and Google. The Motley Fool owns shares of Apple, Facebook, and Google. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.