Did Facebook Inc (NASDAQ:FB) Overvalued Onavo?

Posted by Lynn Eisler October 15, 2013 0 Comment 716 views

Facebook Inc (NASDAQ:FB) has purchased a new mobile analytics company which is called Onavo. It is believed that the deal will be sealed at $200 million. Facebook has plans of turning Onavo’s office in Tel Aviv to their first ever office in Israel.

As per reports, thirty employees of Onavo would work at Facebook Inc (NASDAQ:FB) from that office. Founded by Guy Rosen and Roi Tiger, Onavo had managed to raise a net sum of over $13 million with help from various different capital companies. It is primarily a mobile data usage analytics company.

The company released an official report stating that they are excited that Facebook will be taking reigns of the company. The company was started three years back with the aim of helping both customers as well as companies in working much more efficiently in the field of mobile world.

Recently, Facebook Inc (NASDAQ:FB) and a lot of other mobile technology leaders have launched a new portal called internet.org and the main aim of this new portal is to improve the type and kind of access of internet that people all over the world can have. Even when the deal will be sealed, Onavo mobile utility apps will continue to work as a standalone brand. They are always committed to ensure that the privacy of all those who access their app continues to remain secured and even after the deal, the privacy will stay intact.

They are hopeful that even after Facebook finalizes the deal, the company will continue to work efficiently. They are also hoping that investors will continue to have faith in the company and the Tel Aviv office of the company will continue to function, though it will become the operational office for Facebook in Israel.

This deal is likely to turn out to be beneficial for both the companies involved as both of them are hopeful of conducting better business by working in collaboration.

About Lynn Eisler

Lynn Eisler is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments. Lynn has been honored with the H.L. Mencken Award for Investigative Reporting, the Champion of Justice Award for reporting on the drug war, and the John Hancock Award for business reporting. Lynn was also a Knight Medical School Fellow at the University of Michigan.

View all post by Lynn Eisler Visit author's website

Write Your Comment