Facebook to Acquire Israel’s Face.com for ‘Tens of Millions’
This will be the social network's second acquisition from Israel and first acquisition since it went public.
Israel’s Face.com, the facial recognition and tagging tool, is about to be acquired by the social network giant, Facebook, according to Calcalist.
There are already two apps on Facebook that are powered by Face.com, Photo Tagger and Photo Finder.
Facebook and Face.com has been through this dance in the past, with this being the forth time Facebook has tried to acquire them, but unlike the previous three times, it appears that the companies have now agreed on a fair valuation.
Face.com was established in 2007 and has raised $5.3 in funding till today. They currently have 20 employees in Tel Aviv and Silicon Valley. Once completed, it is expected that the founders, Gil Hirsch, Yaniv Taigman and Moti Sniberg, will move permanently to Silicon Valley to work at the Facebook headquarters in Palo Alto.
While the acquisition will be for a reported “tens of millions of dollars”, a miniscule price compared to Facebook’s recent acquisition of Instagram for $1 billion, it could ultimately become a strong asset, especially when integrated into Instagram and Facebook, making photo tagging and finding much easier on both the mobile and desktop services, and will continue to cement Facebook’s status as a leader in the online photo sharing and publishing market.
This will be Facebook's second Israeli acquisition after having acquired Snaptu for $70 million in March 2011.