Facebook Announces Its First Post-IPO Acquisition With Social Gifting App Karma

Posted on May 19 2012 - 5:56am by Editorial Staff

Soon after social giant done with its first day trading with $38.37, up 0.37 points (0.97%), Facebook has made its first acquisition announcement. The company has acquired the social gifting app Karma. There are no details regarding how, when and with how much price the Facebook has acquired the app although the app work with the same pace as it works earlier. Here is what Karma’s co-founder Lee and Ben has to say:

We founded Karma with the goal of adding the sentiment and meaning back into gift giving. That’s what Karma is all about. That’s what the Karma team set out to achieve.

Over the last year, we’ve built a new e-commerce platform from the ground up. We’ve been honored to partner with amazing brands to create a curated catalog of products. We made those products instantly giftable in a brand new way. And we harnessed the power of Facebook’s social network to ensure you never miss a chance to show someone you care. The phenomenal response and feedback we’ve heard from customers has more than exceeded our expectations. And we’re just getting started — today we take social gifting to the next level.

We’re thrilled to announce that Karma has been acquired by Facebook. The service that Karma provides will continue to operate in full force. By combining the incredible passion of our community with Facebook’s platform we can delight users in new and meaningful ways. As we say … only good things will follow.

Simply put, together we can celebrate life’s important moments in ways we could not before. A word of heartfelt thanks to our partners, customers, and our incredible team for helping us share Karma with so many people.

Sincerely,

Karma Co-founders Lee & Ben

(Image Source: GetKarma)

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Editorial Staff

Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.