A Successful Exit for an Israeli Start-up Leads to Facebook Office in Israel
In yet another major Israeli hi-tech success story, Onavo Ltd., a Tel Aviv-based start-up, was snatched up by Facebook last week for somewhere between $100 – 200 million. The company has been working since 2010 to provide services that enable people to use data more efficiently, which results in monetary savings. Its solutions also help both large and small developers design better environments that result in improved mobile experiences. Facebook recognized Onavo’s
data compression technology as being a key in helping them connect people to the Internet with mobile products that are better to use and more efficient. The founders behind Onavo’s success are CEO Guy Rosen and CTO Roi Tiger, who are extremely satisfied not only by the acquisition, but by the fact that Facebook intends to use Onavo’s Tel Aviv location as its own office space.
Amazing Technical Talent Found in Israel
Not only was Facebook wowed by Onavo’s analytic solutions for mobile apps, but they were unbelievably impressed by the amount of highly talented people living and working in a country the size of Israel. In a meeting with President Shimon Peres, Nicola Mendelsohn, who is a VP at Facebook, said they chose Israel as the place to open operations for its first R&D outside of America because of the incredible amount of talent that can be found here.
President Peres was quoted as saying that the reason for the technological and developmental feats achieved by Israelis is their outstanding character traits, chutzpah, and dissatisfaction with failue, which pushes them to think and create “outside the box.” He went so far as to claim that the entrepreneurship in the DNA of Israelis does not allow them to rest, but keeps them striving to learn and investigate.