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Facebook to double acquisitions in 2011: report

(Xinhua)

08:31, August 24, 2011

SAN FRANCISCO, Aug. 23 (Xinhua) -- Social networking giant Facebook plans to make about 20 acquisitions in 2011, up from 10 in the previous years and one in 2009, U.S. media reported on Tuesday.

"Two years ago we didn't have a track record in acquisitions," Vaughan Smith, Facebook's director of corporate development, told Bloomberg.

"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," Smith noted.

Facebook has made 13 purchases so far this year, meaning there are still seven deals to go in the remaining four months.

The world's largest social network is focusing on acquisitions that will improve site design, keep its service reliable and advance mobile features to fight Google and Twitter.

Compared with Google, which has about 39 billion U.S. dollars in cash, Facebook is likely to generate more than 2 billion dollars in earnings before interest, taxes, depreciation and amortization in 2011, Bloomberg quoted "a person with knowledge of the matter" as saying.

In addition, Facebook has raised more than 2 billion dollars from investors.

According to the Bloomberg report, Facebook has made mostly small acquisitions, with target companies sometimes having one or two employees, and many of its deals have been aimed at adding talent as the company competes with larger rivals for skilled technology workers.

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