Meta Platforms (FB), Facebook’s parent company led by Mark Zuckerberg, is about to acquire Accusonus, according to a Reuters report citing a person familiar with the matter. However, the two companies are yet to confirm the speculation.
Meta stock jumped 1.83% to $319 in the regular session on Tuesday and advanced an additional 3.45% to $330 in extended trading hours. The company’s upcoming earnings report for Q4 2021 is scheduled to be released today (February 2) after the market closes.
Accusonus is a Greek-based startup incorporated in the U.S. It makes audio editing software and its customers include some of the world’s largest media companies.
Accusonus was started by Alex Tsilfidis and Elias Kokkinis in 2013, and former Aware (AWRE) CEO Michael Tzannes joined some months later as an angel investor. Tsilfidis now leads the business as CEO, supported by Kokkinis as Chief Technology Officer and Tzannes as chairman. Accusonus describes itself as one of the first startups to release commercial audio processing products powered by machine learning technology.
The Metaverse Project
Buying Accusonus may be part of Meta’s metaverse project. Reuters explains that Meta has been purchasing gaming studios and hiring engineers as it builds the infrastructure for its metaverse. The company plans to hire thousands of people across the E.U. over the next five years to work on the metaverse project.
Morgan Stanley analyst Brian Nowak recently reiterated a Buy rating on Meta stock without assigning a price target. Nowak notes that the number of users and time spent on Facebook and Instagram continue to grow, expanding monetization opportunities.
Consensus among analysts is a Strong Buy based on 12 Buys and 1 Hold. The average Meta Platforms price target of $407.50 implies 27.74% upside potential to current levels.
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