Facebook Inc (NASDAQ:FB) has agreed to acquire mobile analytics company Onavo according to a blog post from Onavo’s CEO published on Sunday. Guy Rosen, who helped found Onavo three years ago, said that he hoped his firm would be able to help with Facebook’s goal of delivering the internet around the world with Internet.org.
The Internet.org program was launched by Facebook Inc (NASDAQ:FB) co-founder Mark Zuckerberg earlier this year. Its goal is to see every single person in the world have access to the internet. Onavo’s CEO said that it hopes to aid in the effort by making data more efficient, one of the important parts of its current business.
Gates Capital Management's ECF Value Funds have a fantastic track record. The funds (full-name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy, have produced a 12.6% annualised return over the past 26 years. The funds added 7.7% overall in the second half of 2022, outperforming the 3.4% return for Read More
There were no details on how much Facebook Inc (NASDAQ:FB) spent to close the deal with Onavo, and it is unclear when the deal will close. Onavo is based in Tel Aviv, Israel and serves millions of customers around the globe with its mobile analytics software. The company specializes in helping firms utilize mobile data as efficiently as possible. The company also offers a web marketing intelligence service.
Outstanding Onavo customers will not be negatively affected by the acquisition of the company by Facebook Inc (NASDAQ:FB). CEO Rosen wrote that the firm’s standalone mobile data and anlaytics applications will still be available, and made it clear that the firm is still committed to the privacy of its clients and customers.
The Onavo office in Tel Aviv will become the new Facebook Inc (NASDAQ:FB) Israeli headquarters. Most of the blog post was, however, dedicated to the Internet.org goal of serving the internet to the parts of the world that can not get their hands on it. This appears to be the main reason for the acquisition.
Facebook Internet.org program
The Internet.org program has the support of major tech companies including Samsung, QUALCOMM, Inc. (NASDAQ:QCOM), Ericsson (NASDAQ:ERIC) and Nokia Corporation (NYSE:NOK). Onavo’s ability to manage mobile data efficiently and effectively may be a big part of the Internet.org mission in the years to come.
Some areas of the world still rely on pay-per-byte data and deal with relatively poor internet speeds. If Onavo is able to make the transmission of data more efficient it may give places like these access to a better quality of internet at a lower price.