Earlier this month, we learnt that Facebook plans to buy a Bangalore-based startup Little Eye Labs. However, no financial details of the deal were disclosed. A new report by TechCrunch now says that Facebook is all set to buy Little Eye Labs for a price somewhere between $10 and $15 million.
The final deal between the startup and Facebook is expected to be signed by mid-January. After the deal, Little Eye Labs's founding team will move to Facebook's US headquarters and work there as part of the mobile engineering team.
Little Eye Labs valued somewhere between $10 to $15 million
Little Eye Labs’s key product is a software tool for analysing the performance of Android apps. The company was founded by Bangalore-based programme analysis enthusiasts, Giridhar Murthy, a former Apple employee; Kumar Rangarajan who has worked with IBM and HP; Satyam Kandula, an IIT Kharagpur alumnus and Lakshman Kakkirala, also a former IBM and Yahoo! employee.
A previous report claimed that the deal is being struck as part of the M&A connect programme by iSpirt. The firm had launched the programme’s hot-line for product companies to help them be acquired or raise funds. iSprit was kicked off in February this year after it broke out of Nasscom. The talks were reportedly conducted in Palo Alto, US, back in May. Besides Facebook, IBM, Cisco and VMware participated too.
Publish date: December 21, 2013 5:25 pm| Modified date: December 23, 2013 7:30 pm