Facebook, operator of the world's largest social network, is buying Israeli start-up Snaptu, for $60-70 million.
This transaction is Facebook's first acquisition in Israel.
Snaptu's application allows mobile phones, even those less advanced than an iPhone or Android phone, to access mobile Internet.
Just this past June, Snaptu raised $6 million from venture capital firms Carmel Ventures and Sequoia Capital. Sequoia had already invested in the company. Snaptu, formerly known as Mobilica, has raised more than $10 million since it was established in 2007.
Snaptu was founded by Lior Tal, CEO Ran Makavy, VP development Micha Berdichevsky, and CTO Barak Naveh. Each of these founders will earn millions of dollars from the acquisition.
Snaptu will provide a base for Facebook's R&D center in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on March 20, 2011
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