Facebook Confirms Purchase of Social Gifting App

With only one full session of day trading behind it, Facebook has acquired yet another company. This time, it’s social gifting app Karma.

On Monday morning, Karma co-founders Lee Linden and Ben Lewis posted a blog on their official website to confirm the sale of their company to the social network.

“We’re thrilled to announce that Karma has been acquired by Facebook,” they wrote. “The service that Karma provides will continue to operate in full force. By combining the incredible passion of our community with Facebook’s platform we can delight users in new and meaningful ways. As we say … only good things will follow.”

For Facebook, the latest string of acquisitions has included such mobile heavyweights as Instagram, Tagtile and Glancee. Fortunately for Karma fans, it doesn’t look like the app will be shut down as the transition to Facebook takes place. The app will apparently still run as an independent product. However, all of Karma’s sixteen employees will now join the Facebook team.

“Over the last year,” Linden and Lewis write, “we’ve built a new e-commerce platform from the ground up. We’ve been honored to partner with amazing brands to create a curated catalog of products. We made those products instantly giftable in a brand new way. And we harnessed the power of Facebook’s social network to ensure you never miss a chance to show someone you care. The phenomenal response and feedback we’ve heard from customers has more than exceeded our expectations. And we’re just getting started — today we take social gifting to the next level.”