GOOG Confirms The Purchase Of Slide

Google Inc (NASDAQ: GOOG) announced today that it has acquired social-networking software developer Slide Inc.

GOOG has not disclosed the terms of the deal. Google’s posting on its website said that while it cannot offer detailed product plans for Slide as yet, it plans to use the company while investing "even more to make Google services socially aware."

The purchase of Slide was reported earlier this week but was not confirmed. Google is rumored to be developing a social-networking platform on the lines of popular services such as Facebook.

GOOG’s shares lost 1.80% to $498.93 at 3:05 pm EDT.

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