Corporate Jul 17, 2012
New York: In its latest talent hiring move, social networking giant Facebook Inc is acquiring the team behind start-up firm Spool in an aim to beef-up its mobile business.
In a blog post the mobile bookmarking start-up firm said," Spool is joining Facebook".
However, financial terms of the deal were not disclosed.
According to media reports, Facebook is hiring all of Spool's employees but not acquiring the company or its assets.
"We are extremely excited to accelerate our vision and help Facebook's users connect and share with the people in their lives. We wouldn't be in a position to have this sort of impact without our supporters and the Spool community," Spool Co-founder Avichal Garg said.
"We started Spool to make content easy to consume on a mobile device. To accomplish this, we built some very sophisticated technology and developed a deep expertise in mobile software development.
"We firmly believe that solving these problems will be increasingly important as the world accesses the Internet primarily through mobile devices," India-born Garg added.
This will be the latest deal by Facebook in bid to shore-up its mobile business. Other recent deals include the $1 billion acquisition of Instagram and mobile gift card company Karma.
Spool allows users to save text, image, and video content to mobile devices and view at their leisure, either online or offline.
Spool was founded by Garg and Curtis Spencer in 2010. Prior to Spool, Garg had co-founded PrepMe.
Before PrepMe, he was a product manager at Google where he worked on search and ads quality and also co-founded the Google Transit project.
More From Firstbiz.