Facebook buys start-up Onavo, set to open first office in Israel

Facebook Inc is acquiring an Israeli mobile technology start-up and opening its first office in Israel.

The social network in a statement on Monday said Israeli mobile utility application developer Onavo would help the media giant create better mobile products and help connect more people around the world to the Internet.

Onavo was founded three years ago and produces technology that compresses content so mobile users can use more data. The Tel Aviv-based company also has an office in California.

Israeli media reported that Facebook is buying the company for more than $100 million and that it was Facebook's largest acquisition of an Israeli company.

Facebook has bought two Israeli companies in recent years, but employees were transferred to its Menlo Park headquarters.

The social media network declined comment.