Social networking giant Facebook has reportedly planned to pay 80 million to $100 million dollars to buy the facial-recognition technology company Face.com.
Face.com, an Israeli company, allows people tag photos on the Internet by figuring out who is in them.
The firm, which announced the acquisition on its blog on Monday, said that by working with Facebook it will have more opportunities to develop technology that people will use.
“By working with Facebook directly, and joining their team, we’ll have more opportunities to build amazing products that will be employed by consumers,” said Gil Hirsch, Face chief executive officer.
Both Face and Facebook declined to comment on the financial terms of the deal, CBS News reports.
In the past, Facebook has shuttered sites that it acquired and folded in their employees to its workforce. So far, Instagram, which Facebook purchased for $1 billion, has been the only exception.
According to the report, comments from Facebook suggested that Face will remain mainly autonomous, much like Instagram.
The digital world has reached a stage where information spreads faster than it can be…
The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking…
Over the years, I’ve worked on all kinds of projects—big, small, chaotic, overengineered, “temporary,” allegedly…
The Tech Panda takes a look at recent launches in the superfast field of Artificial…
With threats becoming more complex than ever, explosive risks are evolving rapidly, posing serious risks…
SatCom Industry Association (SIA-India) has called for the launch of a National Satellite Connectivity Mission…