The latest acquisition by social media giant Facebook has a Raleigh connection.
One of the four co-founders of Source3, a start-up based in New York that was just acquired for an undisclosed amount by Facebook, has been working out of start-up space HQ Raleigh in downtown Raleigh.
Tom Simon, who in addition to being one of the co-founders also was the vice president of marketing at the start-up, said he couldn’t discuss the deal beyond what Source3 posted on its website.
In the post, the four founders of Source 3 noted that “we wanted to let everyone know that we’ve decided to continue our journey with Facebook. We’re excited to bring our IP, trademark and copyright expertise to the team at Facebook and serve their global community of two billion people who consume content, music, videos and other IP every day.”
Facebook is expected to use Source3’s technology to help it detect users who share pirated video.
“We’re excited to work with the Source3 team and learn from the expertise they’ve built in intellectual property, trademarks and copyright,” a Facebook spokesperson told Recode, a technology news website.
It’s unclear how many Source3 employees will join Facebook.
Source3 was founded in 2014 and the following year raised $4 million in seed funding.
Simon, 38, grew up in New Jersey and moved to Raleigh in 2009 to pursue a career in technology.
He previously was marketing manager at GeoMagic, a Triangle company that was acquired in 2013 by 3D Systems Corp., a manufacturer of 3-D printing machines. He then became a product marketing manager at 3D Systems, according to his LinkedIn account.
Liz Tracy, director of HQ Raleigh, which is home to about 130 start-ups, said that “it’s always a big win when somebody in our space” scores a major success. “Ultimately that is what this space is all about, helping companies to grow in scale.”
“We haven’t yet had a chance to celebrate, but it’s something we will be celebrating soon,” Tracy added.