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Thursday, August 7, 2014

Facebook to acquire Internet security company PrivateCore, (NASDAQ: FB)

Facebook Inc said on Thursday it will to acquire a company that helps protect the computers and data centers that power Internet services. Facebook did not disclose financial terms for the acquisition of PrivateCore, which was founded in 2011 and is based in Palo Alto, California. PrivateCore raised $2.25 million in funding in 2012 from Foundation Capital.Facebook, the world's largest Internet social network with 1.32 billion monthly users, said that PrivateCore's technology can "validate and secure" server data and can protect computer servers from "persistent malware, unauthorized physical access, and malicious hardware devices.""I've seen how much people care about the security of data they entrust to services like Facebook," Facebook Chief Security Officer Joe Sullivan wrote in a post on Facebook announcing the deal.The deal comes amid a growing number of high-profile data breaches. Earlier this week, The New York Times reported that a cybersecurity firm uncovered about 1.2 billion Internet logins and passwords amassed by a Russian crime ring.

Facebook, Inc. (Facebook), is engaged in building products to create utility for users, developers, and advertisers. Shares of FB traded higher by 0.61% or $0.44/share to $72.91. In the past year, the shares have traded as low as $36.02 and as high as $76.74. On average, 45524100 shares of FB exchange hands on a given day and today's volume is recorded at 23942704.