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FB stock price is moving higher as it has become known that Facebook acquired Mapillary. The terms of the deal have not been disclosed.
Facebook Inc (FB) stock price is moving slightly up during the trading session. It comes after Facebook acquired Swedish mapping startup Mapillary. This move has been seen by many as an effort to go head-to-head with Google LLC (NASDAQ: GOOG) (NASDAQ: GOOGL) and Apple Inc (NASDAQ: AAPL) as regards ground-level mapping. Mapillary uses user-oriented street photographs to get its mapping data.
The Swedish startup can then use software to pick out important details such as roads and traffic signs to add to the maps. This will be a marked improvement to Facebook’s maps as this will improve mapping accuracy.
Facebook (FB) Stock Price Up Boosted by Acquisition of Mapillary
At the time of filing this report, Facebook (FB) stock price was $237.59
The acquisition was announced in Mapillary blog post by Mapillary CEO and Co-Founder Jan Erik Solem. The terms of the acquisition have remained undisclosed. Solem said in the post:
“From day one of Mapillary, we have been committed to building a global street-level imagery platform that allows everyone to get the imagery and data they need to make better maps.”
“Today, we’re excited to share that Mapillary has joined Facebook to be part of their open mapping efforts,” added he.
According to Crunchbase, the start-up has raised $24.5 million in seven years. BMWi Ventures, Sequoia Capital, and Atomico are some of the investors by way of venture capital.
Both Google and Apple already have their street-level mapping platforms. Facebook hasn’t been known for getting street-level mapping. This acquisition is one way that Facebook is using to get ahead of the game.
It still needs maps to power products and services such as the Facebook market place. Other location-based products and services will be critical in ensuring continuing revenue for the social media giant.
The social networking giant has indicated that it has used machine learning, satellite imagery, and community partnerships for accuracy in its mapping data. The great thing about this acquisition is that commercial users will now be able to use the images provided. Before now, this wasn’t the case.
Image Usage Will Be Free for All Users
Solem has said that from now on, the images on the platform will be free for all users. He explained:
“While we previously needed to focus on commercialization to build and run the platform, joining Facebook moves Mapillary closer to the vision we’ve had from day one of offering a free service to anyone.”
This means that Facebook will be working with Mapillary to bring the start-up into its ecosystem. Previous acquisitions that Facebook (FB) has made usually have made the social networking giant fortunes after the acquisition.
How the wizard of Menlo Park intends to achieve this for Mapilary is unclear. For now, One thing is certain: Facebook will now have accurate mapping systems.