Facebook buys Israeli start-up app-maker Onavo
TEL AVIV (REUTERS) - Facebook has agreed to buy start-up app-maker Onavo, the Israeli company said on its website on Monday, without giving any details of the deal.
Facebook is paying between US$150 million (S$187 million) and US$200 million, the Calcalist financial news website said, making it the social media company's biggest acquisition in Israel.
The company, founded three years ago, said once the transaction closes, Onavo's mobile utility application, which helps people cut mobile phone costs through more efficient use of data, will run as a standalone brand.
Onavo has raised US$13 million in venture capital, according to Calcalist. Its investors are Sequoia Capital, Magma Venture Partners, Horizons Ventures and Motorola Mobility Ventures.