Facebook hires Google exec to lead M&A efforts

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Monday 14 March 2011 3:53 pm Tags: NULL whatsapp Facebook has hired one Google’s business development executives to lead its fledgling merger and acquisition efforts.In a sign the world’s No. 1 internet social network has a growing appetite for deals, Amin Zoufonoun, a director of corporate development at Google, will join Facebook next week.The move – the latest development in the rivalry between the two internet powers – comes as Facebook steps up its acquisitions, which to date have primarily been small start-ups it has bought for engineering talent rather than actual products.“I think for sure over time they expect to do bigger and bigger deals,” said a source familiar with the matter.“They’ve certainly got the stock and cash to do those kinds of things. So I expect them to be more active.”Privately-held Facebook recently raised $1.5bn (£932m) from investors including Goldman Sachs and Digital Sky Technologies, as well as through a private offering to overseas investors conducted by Goldman Sachs, at a valuation of roughly $50bn.Earlier this month, investment firm General Atlantic bought a stake in Facebook at a $65bn valuation, according to a report on CNBC.Zoufonoun, who has worked at Google since 2003, according to a biography on LinkedIn, will report to Facebook’s Vaughan Smith, who oversees the company’s overall corporate development efforts. But Zoufonoun will become the key person overseeing Facebook’s M&A efforts, according to the source, who wished to remain anonymous.“He’s really going over there to build some professionalism into the team and to hire folks,” said the source.A Facebook spokesperson confirmed the move but declined to provide further comment. Google had no immediate comment.Last year, Facebook acquired ten companies, its most ever, including location service HotPotato and Chai Labs. The blog Inside Facebook quoted Smith as saying the company hoped to do “doublish” the number of deals in 2011.Zoufonoun’s move is the latest sign of Facebook’s ambitious expansion plans and underscores the rivalry between the social networking company and Google. Facebook hires Google exec to lead M&A efforts center_img Share whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Show Comments ▼ alison.lock last_img read more