Facebook buys gifting service Karma in mobile revenue push

Attempts to widen mobile revenues

Facebook is buying mobile e-commerce firm Karma, which builds social gifting apps, in its fifth mobile acquisition this year, reports StrategyEye. The deal, which comes in the wake of the social network’s USD16bn IPO, is indicative of the direction Facebook wants to move into as it attempts to widen its mobile revenues. Terms of the purchase were not disclosed, but 16 of Karma’s employees will join Facebook as part of the agreement. These include CEO Lee Linden and co-founder Ben Lewis, who helped found Tapjoy, a firm that helped developers monetise gaming titles.

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