Summary: Facebook continues in its shopping spree with the acquisition of Branch Media, a social conversation platform that will become the foundation of its Conversations group.
Facebook continued its acquisition frenzy Monday by snapping up Branch Media for its social conversation platform Branch and its sister service Potluck, according to a Facebook posting by Branch Media co-founder Josh Miller.
'After two years building Branch and Potluck, I am thrilled to announce that we will be continuing our mission at Facebook,' Miller wrote in the post.
Financial terms of the deal were not initially disclosed but at least one news site is reporting Facebook will pay $15 million for the social startup.
Branch promotes itself as a service that allows anyone to grab anything from the web and talk about it with anyone and then publish it anywhere. Potluck is an iPhone app that let's you find out what's going on anywhere and chat about it with your friends and contacts.
Miller said Facebook plans to form a Conversations group based in New York City and 'build Branch at Facebook scale.'
'Although the products we build will be reminiscent of Branch and Potluck, those services will live on outside of Facebook,' Miller added in his post. 'A more thoughtful note and details to come soon...' He also thanked a number of early-stage investors including Twitter co-founders Evan Williams and Biz Stone among others.
Facebook exited its third quarter with more than $9.3 billion in cash and has been busy putting it to work of late.
In addition to the Branch purchase, it has acquired sports data aggregator SportStream and gobbled up Little Eye Labs, an India-based startup that develops performance analysis and monitoring tools for Android developers, in the past month.
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