Facebook buys Israeli start-up app-maker Onavo

Facebook buys Israeli start-up app-maker Onavo

TEL AVIV - 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 that 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.

Onavo will keep its Israeli offices, making this the first time Facebook will run a research and development centre in Israel, according to the Haaretz news website.

When Facebook acquired Snaptu and Face.com, it transferred the employees to its own offices in California, where Onavo already has offices.

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