Social networking giant Facebook has bought content-focused start-up company Chai Labs.
According to AllThingsDigital, which broke the news overnight, citing several sources, the price for the purchase is likely to be around $11.19 million, although it could not confirm the exact price.
According to a regulatory filing Chai Labs, which was founded by former Google AdSense exec Gokul Rajaram, raised $1.1 million in funding last year and $1.3 million before that.
Chai Labs is describes itself on its website as a “technology platform enables publishers to easily customise and launch scalable, search-friendly sites in several verticals. We seamlessly complement our partners’ editorial teams, and some of our most compelling implementations have occurred when editors and journalists have worked side-by-side with our platform.”
And this is, coupled with the fact that the company also helps publishers create, source and deliver content was probably why Facbook was so eager to buy it. After all, it’s no secret that Facebook has been trying to work with media companies rather than compete with them.