Facebook Confirms Acquisition of Talent Squad at Spool

Over the weekend, reports broke that social networking giant Facebook has acquired the team behind Spool – a popular mobile social bookmarking app for iOS and Android.

“The Spool team has deep expertise in mobile software development and a passion for making content easy to consume,” Facebook said in a statement obtained by PC World. “We’re excited for the team to join and accelerate their vision at Facebook.”

Financial terms were not immediately disclosed. Additionally, Facebook did not state whether it had acquired the whole company, its technology, or just its team.

Spool allowed users to create and share a read later list, save videos to watch later, or move content between devices. By Saturday, it had informed users that the service was closed down, and advised them to move their bookmarks to their computer or device browser or to another service.

“We started Spool to make content easy to consume on a mobile device. To accomplish this, we built some very sophisticated technology and developed a deep expertise in mobile software development,” a rep. for Spool said on Saturday. “We are proud to announce that today we will be pursuing our vision as a part of Facebook.”