"Onavo will be an exciting addition to Facebook," said Facebook regarding the purchase. "We expect Onavo's data compression technology to play a central role in our mission to connect more people to the internet, and their analytic tools will help us provide better, more efficient mobile products."
Onavo confirmed the acquisitions in blog post.
The purchase price was not disclosed, though reports have indicated that Facebook spent approximately $200 million on the acquisition. Shares of Facebook were lower in premarket trading, off 1.1% to $48.58.Onavo has developed mobile utility apps and an intelligence service based on engagement data. The acquisition goes back to what Javier Olivan, head of Facebook's growth team, said in an interview with TheStreet earlier this year about the need for Facebook to become more data-driven. "If you think of Facebook four or five years ago, and you asked whether Facebook was a data-driven company, most likely, people would've said no," Olivan said during the interview. "We created great products and people used them, but over the last couple of years, we've kind of evolved into being very data driven, and that's what Mark
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