Facebook buys mobile discovery startup Glancee

May 08, 2012
Mere weeks from a multi-billion-dollar debut on the stock market, Facebook has ramped up its focus on mobile lifestyles with the purchase of "social discovery" startup Glancee. Glancee founders behind the smartphone application for finding like-minded people nearby joined the Facebook team in what was seen as a talent grab by the Menlo Park, California-based social network.

Mere weeks from a multi-billion-dollar debut on the stock market, Facebook has ramped up its focus on mobile lifestyles with the purchase of "social discovery" startup Glancee.

Glancee founders behind the application for finding like-minded people nearby joined the team in what was seen as a talent grab by the Menlo Park, California-based social network.

"We started Glancee in 2010 with the goal of bringing together the best of your physical and digital worlds," said a message at the San Francisco startup's website.

"We wanted to make it easy to discover the hidden connections around you, and to meet interesting people," Glancee added.

"We are therefore very excited to announce that Facebook has acquired Glancee and that we have joined the team in Menlo Park to build great products for over 900 million Facebook users."

The Glancee application was removed from Apple's online App Store over the weekend after Facebook revealed the acquisition on Friday.

Facebook has made a priority of following its users onto smartphones at the heart of digital age lifestyles even though the social network has yet to make clear how it plans to make money doing so.

Facebook has made a priority of following its users onto smartphones at the heart of digital age lifestyles even though the social network has yet to make clear how it plans to make money doing so.

The financial terms of the Glancee purchase were not disclosed but were believed to be far less than the Facebook recently spent on the startup behind photo-sharing smartphone application Instagram.

Glancee software ran in the background on smartphones, using Facebook and other to match people based on similar tastes or interests and then alerting users to when kindred spirits were in the vicinity.

Facebook executives are on an investors "road show" this week, an intense marketing drive ahead of the company's expected trading on the tech-heavy on May 18.

For small investors, the California firm has produced a slick half-hour video set to music that explains the mission, products, finances and future of the company, with chief executive Mark Zuckerberg doing the narration himself.

In a filing with the US Securities and Exchange Commission last week, Facebook set a price range of $28 to $35 for its shares, which would value the firm at between $70 billion and $87.5 billion.

Based on the estimated market value, Facebook would rank behind Amazon and Cisco, each worth over $100 billion, but ahead of Hewlett-Packard ($48 billion) and struggling Yahoo! ($19 billion).

Explore further: Jury says Silicon Valley firm did not discriminate (Update)

add to favorites email to friend print save as pdf

Related Stories

Facebook buys startup aimed at loyal shoppers

Apr 14, 2012

Facebook on Friday confirmed that it bought a San Francisco startup that helps merchants court shoppers with rewards for checking in with smartphones during visits.

Recommended for you

Intel in talks with Altera on tie-up

Mar 27, 2015

US tech giant Intel is in talks with rival Altera on a tie-up to broaden the chipmaker's product line amid growth in Internet-connected devices, the Wall Street Journal reported Friday.

Apple chief Cook to give his wealth away: Fortune

Mar 27, 2015

Apple chief Tim Cook is joining Mark Zuckerberg, Bill Gates and other technology titans who have vowed to donate their wealth to charities, according to a report in Fortune magazine.

BlackBerry tops 4Q profit forecasts

Mar 27, 2015

BlackBerry posted a surprise profit in the fourth quarter, but saw a sharp drop-off in revenue as the once-iconic smartphone company said it reached the halfway mark of its turnaround effort.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.