SAN FRANCISCO (MarketWatch) | June 18, 2012
Facebook Inc. said Monday that it has acquired facial-recognition technology company Face.com for an undisclosed sum.
Reuters
Face.com is a three-year-old firm based in Tel Aviv, Israel, that has developed technology used for facial recognition on photos loaded onto websites and through mobile applications. The company has released two apps used on FacebookFB -0.10% called Photo Finder and Photo Tagger.
Shares of Facebook closed up nearly 4.7% to $31.41 on Monday. The stock has gained more than 20% since sliding close to the $26 mark earlier this month after a disappointing IPO on May 18, at which the stock debuted at $38 per share.
In a brief statement, Facebook said the company’s technology “has helped to provide the best photo experience” for people sharing photos over the social network.
“This transaction simply brings a world-class team and a long-time technology vendor in house,” the statement read.
