/// In Its First Acquisition as a Public Company, Facebook Buys Social Gifting App Karma
That newfound cash is burning a hole in Facebook’s pocket. After raising upward of $15 billion dollars in its first day as a public company, Facebook has acquired social gifting app Karma and all 16 of its employees. The app is designed to help Facebook users find reasons to give one another gifts, identifying birthdays and special occasions. It’s an acquisition, not an “acqhire.” So, interestingly enough, the service will stay up and functioning, Karma said on its company blog . As Karma put it, “The service that Karma provides will continue to operate in full force.” Facebook makes acquisitions all the time, but it’s rare that it keeps the service up and running afterward. Instagram is the only previous example. Some services like FriendFeed are still alive, but only in maintenance mode.
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