Facebook share price: Company buys voice-recognition start-up Wit.ai

on Jan 6, 2015
Updated: Oct 21, 2019

iNVEZZ.com, Tuesday, January 6: Facebook Inc (NASDAQ:FB), the world’s largest social media company, has acquired Wit.ai,a Palo Alto-based developer of voice-recognition technology for wearable devices and Internet connected appliances. The move was announced yesterday on the start-up’s website and in a brief statement, which Facebook issued to the media. The financial terms of the deal haven’t been disclosed.

“Wit.ai has built an incredible yet simple natural language processing API that has helped developers turn speech and text into actionable data,” Facebook said. “We’re excited to have them onboard.”
Wit said that its technology was already being used by more than 6,000 developers and in hundreds of applications and devices. “Facebook has the resources and talent to help us take the next step,” the firm commented, adding that its platform would “remain open and become entirely free for everyone”.

The social media giant hasn’t revealed how it plans to use the technology, but it is likely that the company envisions it as part of a push to expand its services beyond computers and mobiles. A voice-recognition service could help Facebook tap into wearable devices and the Internet of Things – two fast-growing trends in the tech industry. Apple Inc (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT) and Google Inc (NASDAQ:GOOGL), which have significant ambitions in those areas have their own voice recognition services.

In yesterday’s trading, Facebook shares closed 1.6 percent lower at $77.19. According to the Financial Times, the 42 analysts offering 12 month price targets for Facebook have a median target of $90.00, with a high estimate of $105.00 and a low estimate of $57.54. As of January 03, 2015, the consensus forecast amongst 70 polled investment analysts covering Facebook Inc has it that the company will outperform the market.
As of 09:59 GMT, Tuesday, 06 January, Facebook Inc share price is $77.21.

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