Mergers and Acquistions News
Categories: Media & Information Services
August 9th 2010, 15:51PM
Google Inc has acquired the social networking firm Slide for $182 million (£114 million), Reuters has said.
The internet search giant will also pay $46 million (£29 million) in retention bonuses as it looks to develop its social networking strategy to better compete with Facebook.
It is thought that all 120 of Slide's employees will switch to Google.
The acquisition of Slide, founded by PayPal co-founder Max Levchin, was welcomed by Google. David Glazer, engineering director, said in a blog: "As the Slide team joins Google, we'll be investing even more to make Google services socially aware and expand these capabilities for our users across the web."
The move comes after it emerged the firm would disband Google Wave, a social network tool that proved unpopular with users.
According to the news provider, reports suggest Google is working on Google ME, a new product designed to rival Facebook.
Social network developers are currently in demand. Last month Disney announced its acquisition of games maker Playdom.
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