Will This Buy Be A MOBILE STEROID For Facebook?
Facebook (NASDAQ:FB) has added to its mobile team by acquiring social bookmarking site Spool, which will bring its “mobile software development expertise” to the social network. Facebook will not acquire the company or its assets, making it a sort of acqui-hire for Spool’s six employees.
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Spool will shut down its free Google (NASDAQ:GOOG) Android and Apple (NASDAQ:AAPL) iOS apps that let users save Internet articles and video that is viewable online or offline. Financial terms of the deal were not disclosed. In a blog post, Spool chief executive Avichal Garg wrote: “We started Spool to make content easy to consume on a mobile device. To accomplish this, we built some very sophisticated technology and developed a deep expertise in mobile software development.”
This is just the latest in a string of acquisitions that Facebook has undertaken lately in a bid to strengthen its mobile expertise. It earlier bought photo-sharing app Instagram for $1 billion and also acquired mobile gift card company Karma. Facebook said in a statement that it was excited to obtain the Spool team’s “deep expertise in mobile software development and a passion for making content easy to consume.”
While more than half of Facebook’s 900 million users access the website through their smartphone device, the company has struggled to translate all of its functionality onto mobile. In addition, it is still struggling to figure out how to monetize its mobile apps to maintain a steady stream of revenue from that platform.
Spool was founded in 2010 by Garg, a former Google product manager and Curtis Spencer, who earlier worked at Kosmix and Oracle (NASDAQ:ORCL). At the beginning of the year, the startup raised $1 million in funding from SV Angel, Felicis Ventures, Charles River Ventures, Vivi Nevo, and others.
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