10:19 AM
Simranpal SIngh
Facebook is expecting to acquire a total of 20 new companies in 2011 in an effort to better compete with Twitter and Google, Bloomberg reported on Tuesday. The social network purchased 10 new companies last year and just one in 2009, but has already acquired 13 various firms this year. Most recently, Facebook purchased the group-messaging service Beluga, which was created by several former Google employees, and re-released it as the “Facebook Messenger” product for the iPhone and Android smartphones. In an interview with Bloomberg, Facebook’s director of corporate development Vaughan Smith explained the strategy behind Facebook’s acquisitions. “Two years ago we didn’t have a track record in acquisitions,” Smith said. “While we expected them to work well, it was still a crapshoot how they’d turn out. We’ve built a culture that supports entrepreneurs, and it’s working incredibly well.” Facebook other big purchases this year include Snaptu, design firm Sofa and Push Pop Press.
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