Google acquires social networking firm Slide for $182 million

Internet search engine giant and online advertising company Google Inc. has acquired Slide, a social networking firm established by PayPal co-founder Max Levchin, with a view to strengthen its social networking competencies to contend with business rival Facebook. Quoting a source familiar with the transaction, an online report says that Google has reportedly spent a whopping $182 million to acquire Slide, together with $46 million towards bonuses for employee retention.

According to a recent blog posted by David Glazer, Director, Google Engineering, following the acquisition of Slide, the Internet search engine giant will invest much more to develop the social media services provided by Google as well as enhance these competencies for the firm’s users throughout the Web.

The report further states that the acquisition of Slide is the latest among a series of buy-outs by the Internet search engine giant. In fact, Google had recently declared its intentions to acquire ITA Software that serves online travel companies at a cost of approximately $700 million. According to the latest quarterly filing by the company with the US Securities and Exchange Commission (SEC), Google has acquired as many as 22 companies during the first half of 2010.