Social media giant Facebook has closed its fourth acquisition of the year, this time involving a London-based business.
Verification software company Monoidics has been bought by Facebook for an undisclosed amount.
Set up in 2009 by a team of computer scientists from London and Cambridge, Monoidics has created an automatic verification software which is used for what it describes as ‘critical industry software’.
According to a statement from Monoidics, Facebook is acquiring its assets – while its technical team will be joining that of the NASDAQ-listed social media business in London.
Facebook, which was founded by Mark Zuckerberg in 2004, listed on NASDAQ in May 2012 and achieved a peak market capitalisation of $104 billion (£68 billion). Its share price has since slumped, but the company has continued to be acquisitive. During 2013, Facebook has purchased three American-based companies, while the acquisition of Monoidics represents the second time it has bought in the UK.
Monoidics says that when it met members of Facebook’s engineering team, it realised that the two businesses have a lot in common. Joining the Facebook team, the London start-up adds, ‘opens up a world of new opportunity for our technology and for our individual and collective scientific expertise’.
More on Facebook:
- Facebook makes UK acquisition of Snaptu
- Amazon and Facebook join the London party
- Facebook gets friend.ly
Philip Su, software program designer at Facebook, comments, ‘This resource accomplishment exemplifies our financial investment in the quality of our mobile phone treatments program and also our people, since users of the proficient design group will join us to function Facebook’s London workplace the moment the deal shuts.’
‘We have actually always focused on choosing brilliant, qualified engineers – and also within this acquisition, our team discovered many. Their entrepreneurial spirit and desire to make an impact make them great additions to Facebook.’