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Facebook acquires social start-up Branch Media
MUMBAI: Social networking site Facebook is continuing its acquisition spree by acquiring a New York-based social start-up, ‘Branch Media’, that focuses on providing online forums for insightful conversations.
Terms of the deal were not released, but some reports estimated the price at $15 million. Branch will help in forming Facebook’s Conversations group, based in New York City, with the goal of helping people connect with others around their interests.
The start-up’s twin social networks Branch and Potluck, will continue to operate independently but its nine-member team will form a Facebook Conversations group.
Branch co-founder and chief executive Josh Miller posted on Facebook, “I am thrilled to announce that we will be continuing our mission at Facebook. Their pitch to us was ‘Build Branch at Facebook scale’. Although the products we build will be reminiscent of Branch and Potluck, those services will live on outside of Facebook.”
Miller also thanked the investors in his post which included Jason Goldman, Evan Williams, Biz Stone, Ryan Freitas, John Borthwick and Jonah Peretti.
The start-up launched about two years ago with backing from The Obvious Corporation, a technology firm incubator formed and backed by Twitter co-founders Biz Stone and Evan Williams.
In addition to Branch, Facebook recently acquired sports data aggregator SportStream and Indian start-up Little Eye Labs.