Facebook makes first ever Israeli acquisition

Facebook is paying $60-70m for start-up Snaptu, which has developed Internet applications for mobile phones.

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 was founded in 2007 by CEO Ran Makavy, VP engineering Micha Berdichevsky, and CTO Barak Naveh.

Published by Globes [online], Israel business news – www.globes-online.com – on March 20, 2011