Shares of Facebook Inc had dropped 1.5% in pre-market trading today after the announcement of the social media gian'ts acquisition of Israeli mobile data analytics firm Onavo.
Signed by Onavo co-founders Guy Rosen and Roi Tiger, the announcement on its company site read, "We've built world-class products and a remarkably talented team which has pioneered important breakthroughs in data compression technology and mobile analytics," reads Onavo's statement. "Today, we're eager to take the next step and make an even bigger impact by supporting Facebook's mission to connect the world."
As part of the agreement, Onavo's announcement indicated that its headquarters in Israel would be the new facilities of Facebook's local satellite office. However, the announcement did not indicate any other financial details about the acquisition.
Facebook had not made any confirmation regarding its reported acquisition of Onavo.
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