Israel's Face.com Purchased by Facebook for $100 Million
Facial recognition technology company purchase by social media giant
Facebook Inc. announced on Monday that it will be purchasing Israeli facial-recognition technology company Face.com.
Last month’s reports had the sale estimated at tens of millions, but it is now estimated that the transaction will be around $100 million.
Face.com launched in 2009 and has raised nearly $5 million from investors including Russian Web search site Yandex. It currently employees 11 persons which are all expected to join Facebook.
Face.com develops applications that help consumers identify and tag themselves and their friends in photos on Facebook. Their technology has been integrated into Facebook’s service.
Facebook has been looking for any and all technologies involved in the photo sharing and tagging sector to help bolster their photo sharing dominance. Recently, Facebook famously purchased Instagram, a very popular photo-sharing mobile service for $1 billion. U.S. antitrust regulators are currently undertaking an extended review of the Instagram deal, which Facebook expects will be close by the end of the year.