In a recent update on its blog, Snaptu revealed that they have agreed to be acquired by Social networking giant Facebook. However there was no official confirmation on the deal amount but if we rely on industry sources it is estimated $70 million. The deal is going to be closed in coming weeks
According to Snaptu’s blog, its goal is to provide useful services for consumers without Smartphone and as such, this acquisition will help it work with Facebook to make a bigger impact on this market.
Facebook also confirmed the news by stating “As part of our goal to offer people around the world the opportunity to connect and share on mobile devices, we’re excited to confirm that we recently signed an agreement to acquire Snaptu. We expect the acquisition to close in a few weeks, subject to customary closing conditions.”
By accessing devices in the midpoint between basic mobile phones and smartphones, it will allow Facebook to attract more mobile users to the service.
Background:
Snaptu, founded in 2007, is a free mobile application platform that runs on virtually every type of Internet-enabled mobile phones. It allows the user to access popular services, varying from social networks like Facebook, Twitter, Flickr and Picasa to entertainment news, blogs, sports and local guides.
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