Time for cheers as the social media giant facebood confirmed that it has aquired a Bangalore-based product startup, Little Eye Labs, for an undisclosed amount. This is the US-based company’s first acquisition in India.
Little Eye Labs builds performance analysis and monitoring tools that identify and fix performance problems for Android app developers.
Confirming the deal, a Facebook spokesperson said, “We are not going to comment on the terms of the deal.” but according to the industry sources, the deal is valued between $10 million and $15 million.
The acquisition is an obvious indicator of Facebook’s mobile ambitions, which have been on the strategy tables since 2013. When it comes to access via mobile devices, Facebook has lagged behind rivals like Twitter.
“With this acquisition, Little Eye Labs will join forces with Facebook to take its mobile development to the next level! This is Facebook’s first acquisition of an Indian company, and we are happy to become part of such an incredible team,” Little Eye said in a blogpost on its website.
After the deal is completed, the entire Little Eye Labs team will move to Facebook’s headquarters in Menlo Park, California, the company said in a statement on its website.
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