Facebook Just Bought Another Company, Fitness App Moves

NEW YORK (TheStreet) -- A day after posting extraordinary first-quarter results, Facebook (FB) announced it's acquiring Moves, a fitness app with millions of users.

Helsinki, Finland-based ProtoGeo Oy, which owns Moves, will be joining Facebook, as the social networking giant continues to build out its suite of applications. Moves, which has been downloaded more than 4 million times for both iPhone and Android users, is a fitness app that allows people to better understand their fitness activities. "Now, we're joining Facebook's talented team to work on building and improving their products and services with a shared mission of supporting simple, efficient tools for more than a billion people," Move said in the blog post.

Terms of the deal were not disclosed.

In the blog post announcing the acquisition, Moves made sure to note that Moves would remain a standalone app, and there were no plans to change that. "For those of you that use the Moves app -- the Moves experience will continue to operate as a standalone app, and there are no plans to change that or commingle data with Facebook."

"As part of Facebook's multi-app strategy, we're excited to announce that the popular Moves app will be joining Facebook's suite of applications.  Key members of Moves will be joining Facebook at our headquarters in Menlo Park, CA," Facebook said, in announcing the deal.

Moves was launched in Jan. 2013, with ProtoGeo raising seed funding from Lifeline Ventures, PROfounders, AJP Holding, Juha Lindfors, Jyri Engestrom and Tekes.

If you liked this article you might like

Why I Am Betting Against Facebook

Shorting Facebook; Top Rope Elbow Drop on Wells Fargo: Doug Kass' Views

Why Amazon's Reported Smart Glasses Might Be Just a Niche Product -- For Now

PayPal's Venmo Gets Ready to Take on Apple

How PayPal's CEO Uses Military Level Karate to Succeed in Business