A $1.5 billion wad of cash from Goldman Sachs is burning a hole in Facebook's pocket, and new details have emerged about how they want to spend it. In a plan to up the ante in their high-stakes poker game with Google, the social network is planning to open posh new offices and to acquire up to 20 new startups to fill them with fresh ideas. It's a continuation of Facebook's recent strategy to woo Silicon Valley's top talent and treat them like royalty. "We've built a culture that supports entrepreneurs," Facebook's head of business development Vaughan Smith told Reuters. "And it's working incredibly well."
Facebook's acquisition strategy so far reflects a commitment to beef up the site's design and mobile offerings. In the past year, the company has acquired design-related startups Sofa and Push Pop Press as well as the group messaging service Beluga, some features of which will show up in the recently announced Facebook Messenger. Facebook also acquired Snaptu, a mobile development startup that likely played a role in the new "Facebook for Every Phone" initiative. The renewed focus on mobile and design comes as competition between Facebook and Google is really starting to heat up. Google recently redesigned much of their front end with the launch of Google+, their Facebook equivalent, and CEO Eric Schmidt has been talking about the search companies laser targeted focus on mobile for a while.
Read the full story at The Atlantic Wire.