Wednesday, May 26, 2010

Facebook Buys Sharegrove

Palo Alto-based Facebook has acquired ShareGrove, a developer of a social networking tool which allowed users to create their own, private groups for sharing web pages, pictures, videos, and conversations. Financial terms of the deal were not disclosed. Sharegrove said the asset acquisition will make the firm part of the Facebook engineering team. Sharegrove said that as a result of the acquisition, it is winding down its operations, and will be shutting off service on June 1st.