Facebook likes Karma app, buys the whole darn thing
Posted by max at May 19th, 2012
What does one do after generating billions from an initial public stock offering? Go shopping, of course. After falling short of expectations following its somewhat helter-skelter IPO debut, Facebook simply shook off the whole thing and acquired itself some good Karma. No, we’re not talking about that Karma. Instead, Facebook purchased the startup responsible for the Karma social gifting app. The move was apparently made to bolster Facebook’s mobile chops — an area the company considers ripe for opportunity. Just recently, Facebook also acquired mobile stalwart Instagram and the Lightbox team, for example. As for its newest purchase, Karma will be allowed to “continue to operate in full force” despite its recent status change, according to a blog post by co-founders Lee Linden and Ben Lewis. Details weren’t disclosed about how much the deal was worth but judging from celebratory nature of their post, it doesn’t look like Linden and Lewis will “Unlike” the agreement any time soon.
Facebook likes Karma app, buys the whole darn thing originally appeared on Engadget on Sat, 19 May 2012 16:38:00 EDT. Please see our terms for use of feeds.