By David Benoit
Facebook has another deal in the works.
- Getty Images
The social network has agreed to purchase Face.com, a photo recognition technology company that already has partnered with Facebook. The acquisition would be the latest in a string of additive technology and staff acquisitions made by Facebook as it looks to keep beefing up its offerings.
Face.com’s technology helps Facebook users tag and identify others in their photos, a key aspect for Facebook’s success. Facebook earlier this year doubled down on its photo abilities with its $1 billion planned purchase of Instagram, a photo-sharing site many saw as competitive to Facebook’s own photo dominance on social networking sites.
In a blog post on its own site, Face.com said: “We love building products, and like our friends at Facebook, we think that mobile is a critical part of people’s lives as they both create and consume content, and share contentwith their social graph. By working with Facebook directly, and joining their team, we’ll have more opportunities to build amazing products that will be employed by consumers – that’s all we’ve ever wanted to do.”
Face.com ended that sentence with a smiley face.
Facebook said in a short statement that “Face.com’s technology has helped to provide the best photo experience. This transaction simply brings a world-class team and a long-time technology vendor in house.”
Terms of the deal were not disclosed.
Facebook shares were up another 7% Monday, continuing a sharp rally on Friday and throughout last week. The stock is now at $31.98 gaining back much of the fall from its lows.