Monday, October 14, 2013

Facebook Buys Onavo

Mountain View-based Facebook has acquired Onavo, a developer of mobile apps for compressing data transfer from the Internet. Financial details of the acquisition were not announced. Onavo's apps compress data for popular social apps to help users reduce the cost of their mobile data plans. Onavo was based in Israel. The deal is rumored to be worth $100M to $200M. Onavo is venture backed by Sequoia Capital, Magma Venture Partners, Horizons Ventures, Motorola, and others.