2013-07-19 – London
London startup Monoidics bought for undisclosed amount
Industry giant Facebook has snapped up Monoidics, a startup company from London’s “Silicon Roundabout”, for an undisclosed amount thought to be in the low millions.
Monoidics has won awards for its software which tests other software to check they do not have flaws. Its “code verification software” uses mathematical principles to determine whether a piece of software will execute correctly.
The company was founded in 2009, and is thought to be profitable. Its technical staff will be joining Facebook’s London HQ once the deal is finalised. It is not yet known if the buyout will result in any job losses.
Monoidics is not the only “Silicon Roundabout” to be bought up by industry giants in recent years. In 2011 Twitter bought UK startup Tweetdeck for £25m. London’s Old Street roundabout has become a hub for tech companies and has expanded massively since the governments East London Tech City initiative was launched in 2010.
