Facebook Acquires App Maker Snaptu For $70m

Mobile phone app maker Snaptu has been acquired by Facebook for an estimated $70 million.

Israel based Snaptu helps websites like Facebook to create feature phone apps for their platforms that are best used with low-powered feature mobile phones that don't have the power of a smartphone device.

Snaptu, which was founded back in 2007, has been working with Facebook to bring its apps to as many feature phones as possible. The Facebook app developed by Snaptu, which was launched in January 2011, works across 2,500 brands of feature phone worldwide, covering around 80 per cent of the feature phone market.

The acquisition, which will be closed within a few weeks, will allow Facebook to expand its social networking platform to a large number of devices in almost every country, including those where users don't have high-speed mobile internet and broadband access. This is the first time that Facebook has acquired an Israeli company.

“We’ll have more updates on Snaptu soon, and we’ll be working hard to offer a richer and more advanced Facebook app on virtually every mobile phone. During this transition period, we expect Snaptu will continue to operate as it does today,” the company said in a blog post.