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.
While India is strong on ESG reporting, Small and Medium Enterprises (SMEs) are lagging behind.…
The Tech Panda takes a look at recently launched gadgets & apps in the market.…
Whether an engineering team is scattered across the globe or based in-house, leveraging AI code…
Why are the world’s central banks going for CBDC? As countries become more digital, central…
The Problem: Humanity Stands at the Threshold of a New Reality What if I told…
In today’s digital era, cybersecurity is a business mindset that organizations are compelled to embrace.…