Social media giant Facebook Inc. had agreed to acquire start-up app-maker Onavo. The latter is an Israeli company that posted on its website regarding the acquisition last Monday. Onavo did not disclose any details regarding the deal, said a report from Reuters.
Facebook would pay between USD150 and USD200 million. This was according to a Calcalist financial news website. The acquisition would be the biggest acquisition of Facebook in Israel, said a Reuters report.
Onavo is a startup app-maker that was established three years ago. The company said that once the acquisition would close, Onavo's mobile utility application would help people cut mobile phone costs through more efficient usage of data. A report from Reuters continued saying that Onavo would run as a standalone brand.
According to Calcalist, Onavo had raised a total of USD13 million in venture capital. The company's investors include Sequoia Capital, Horizons Ventures, Magma Venture Partners and Motorola Mobility Ventures.
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