Facebook is ADDICTED to Buying

Facebook (NASDAQ:FB) has added Face.com, the company that provides facial-recognition technology used by social network to help users identify and tag photos, to its list of acquisitions. The technology scans photos to match them with faces in previous pictures and then suggests tags.

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Face.com chief executive officer Gil Hirsch announced the news on the company’s blog and added that his team would work on creating new products at the newly public company. “We love building products, and like our friends at Facebook, we think that mobile is a critical part of people’s lives as they both create and consume content, and share content with their social graph,” Hirsch wrote. “By working with Facebook directly, and joining their team, we’ll have more opportunities to build amazing products that will be employed by consumers – that’s all we’ve ever wanted to do.”

Facebook’s sharing and handling of photos using the smaller company’s technology has raised some privacy concerns, with action from watchdogs in both the U.S. and Europe finally forcing the social network to make opting out of the feature easier.

Terms of the deal were not disclosed.

Facebook shares were up more than 5 percent on Monday afternoon, continuing a rally from Friday after having fallen for almost a month.

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